|
Not to anyone's surprise,
the costs associated with eldercare keep going up. Most
recently in the unhappy news was a new MetLife study
reporting that assisted living costs across the country
rose an average of 15% last year to an average of $2,524
per month, or $30,288 per year. The highest monthly
average base cost was reported in Stamford, Connecticut
at $4,327 while the lowest was Miami, Florida at $1,340.
These are averages - many facilities charge much more.
This means that financial planning for eldercare is
getting more complicated by the day. What was once
affordable is growing out of reach for many, including
those who are already living in a facility. As needs
grow, so do costs - effectively pricing many residents
out and into nursing homes. Or back into the homes of
relatives.
The implication, of course, is that we're never done
planning. What once looked like a great plan can go out
of date in an instant if either needs or costs go up.
One often-overlooked resource for financial help with
assisted living, available in some states, is a
Medicaid-Waiver program. Each state that has a waiver
program structures it differently, but many cover the
costs of assisted living as an alternative to nursing
home care if assisted living would be
medically appropriate. Medicaid dollars are used to
pay part or all of the cost of assisted living if this
kind of residential alternative would cost the same as,
or less than, nursing home care.
(The "Waiver" part of the program name alludes
to the "waiving" of the requirement that the
recipient be in a nursing home to receive financial
assistance.)
If assisted living is, or might be, a good option for
your elder place a call to your local Medicaid office
(see the blue pages of your phone book). Ask whether
your state has a Medicaid Waiver program, and if so,
whether it covers assisted living in any way. If your
state does have such a program, ask for any available
written information about it and how to qualify.
In the states that have them, Medicaid waivers are
popular and waiting lists are often long. If you think
you might want to take advantage of this kind of program
you would be most wise to get started as soon as
possible.
In case you're interested, here's a partial list of
average monthly assisted living costs around the country
according to the MetLife study:
|
Statewide, AK - $3,757 |
Des Moines,
IA $2,139
|
| Birmingham,
AL $2,441
|
Boise, ID
$2,317
|
| Little Rock,
AR $2,011
|
Peoria, IL
$2,008
|
| Tucson, AZ
$2,057
|
Fort Wayne,
IN $2,638
|
| San Diego,
CA $2,103
|
Wichita, KS
$2,347
|
|
San Francisco, CA $2,630
|
Louisville,
KY $2,438
|
| Denver, CO
$2,056
|
New Orleans,
LA $2,418
|
| Stamford, CT
$4,327
|
Boston, MA
$3,424
|
| Washington,
DC $3,920
|
Silver
Spring, MD $3,718
|
| Wilmington,
DE $3,782
|
Billings, MT
$2,339
|
| Orlando, FL
$2,000
|
Dallas/Fort
Worth, TX $2,361
|
| Atlanta, GA
$2,535
|
Milwaukee,
WI $2,798
|
| Honolulu, HI
$3,112
|
|
|
