Tag Archives: cost

What is Long Term Care Insurance and How Can It Benefit Your Senior Mom?

According to the 2017 Genworth Cost of Care Survey, a private, one-bedroom, single occupant unit in an assisted living community costs a national average $45,000 per year. This cost includes 24-hour help as well as other amenities, such as meals, housekeeping, and medication assistance. Continue reading

CMS to Simplify Medicare Plan Selection

The CMS is taking steps to make it easier to sort through Medicare coverage options, after a report said its current search options were badly presented and confusing and could lead some to make poor plan selections. Continue reading

Nursing Home Costs Rise Sharply in 2017

Elderlawanswers.com reports that the median cost of a private nursing home room in the United States has increased to $97,455.00 a year, up 5.5% from 2016, according to Genworth 2017 cost of care survey, which can be found at www.genworth.com/aboutus/industry-expertise/cost/of-care.html which the insurer conducts annually.  Genworth reports that the median cost of a semi-private room in a nursing home is $85,775.00, up 4.44% from 2016.  The rising prices is much larger than the 1.24% and 2.27% gains, respectively in 2016. Continue reading

The Consequences of Dying Without A Will

What will happen to my money and possessions if I die without a will?
If you die without a will, what happens to your assets will be determined by the state in which you reside. Every state has intestacy laws in place that parcel out property and assets to a deceased person’s closest relatives when there’s no will or trust. Keep in mind these laws vary from state to state. A good resource to help you find out how your state works is About.com’s Wills and Estate Planning site, which provides a state-by-state breakdown of how your estate would be distributed if you die without a will. See StateIntestacyLaws.com for a direct link to this page. In the meantime, here is a general (not state specific) breakdown of what can happen to a person’s assets, depending on whom they leave behind. Continue reading

Selecting the Right Nursing Home for a Loved One

Selecting a nursing home for a loved one is one of the most important and difficult decisions that you may be asked to make. This decision is usually made during a time of crisis, frequently when a family member is ready to leave the hospital after a serious illness or operation. It would be easier on everyone if this decision could be planned for. However this is usually not the case. Just remember, be nice to your kids… they are going to pick out your nursing home. The first issue to decide is whether or not you really need a nursing home (often referred to as Skilled Nursing Facilities or SNFs). Would some type of home services be adequate? This issue should be discussed with your physician, as well as other healthcare providers. Continue reading