Genworth Financial just released its annual “Cost of Care” report in which Genworth Financial tracks the rise in long-term care expenses, which is a growing financial burden for families, the government, and insurers offering long term care insurance policies. Despite common misconception, Medicare does not step in and cover these expenses. Worse, most people do not realize how expensive this care can be until they or a loved one needs it and then receive sticker shock.
Long term care ranges in services from home health care, adult day care, assisted living, adult care home, memory care, or skilled nursing. According to the report, the annual care costs in Arizona are as follows:
ARIZONA State Median Phoenix Area Tucson
Home Maker Services $45,760 $45,760 $45,760
Home Health Aide $45,760 $46,332 $48,048
Adult Day Health Care $20,800 $19,890 $20,475
Assisted Living $41,010 $39,000 $45,000
Skilled Nursing (semi-private) $70,080 $70,263 $75,920
Skilled Nursing(private room) $85,045 $81,213 $90,896
So, who pays for these expenses? The choices are you with your personal income/savings, long term care insurance, or Medicaid. In fact, the costs of long term care are so expensive that Medicaid pays for over half of this county’s long-term care expenses for persons who can no longer afford it themselves.
If you or a loved one currently receives or anticipates needing some level of long term care assistance and have concerns about the cost of this care, we can help. As elder law attorneys, we routinely help families navigate the complex government rules to qualify for Medicaid, known as Arizona Long Term Care System (ALTCS) in Arizona, while still preserving assets. It is critical that you know your rights and have a plan for peace of mind and financial security. Get in touch with our elder law attorneys today to learn more about your options.