As we get older, our medical-care needs change. Typically, this translates to higher costs and increasingly extensive support requirements.
Even if you are healthy today, you may experience physical and mental declines over time. Planning for these situations can be difficult when you do not know what to expect. However, knowing some general information about trends and the cost of care can help you understand how and why you should start planning today.
According to a 2019 survey by Genworth, Minnesotans can expect to pay an annual average of:
- $21,840 for adult day health care
- $45,600 for a private bedroom in a community or assisted living facility
- $66,352 for homemaker services
- $69,784 for a home health aide
- $120,914 for a semi-private room in a nursing home
- $132,448 for a private room in a nursing home
Per day, these numbers equal:
- $84 for adult day health care
- $125 for a private bedroom in a community or assisted living facility
- $182 for homemaker services
- $191 for a home health aide
- $331 for a semi-private room in a nursing home
- $363 for a private room in a nursing home
These numbers represent averages. Actual figures can vary widely based on your needs and the services you receive.
Planning now for what you may need later
Long-term care is expensive, and it is crucial to consider how you plan to pay for the level and nature of services you want. Will you use Medicaid? Do you have life insurance? Will you set up trusts for your care, or spend down your personal assets?
Depending on your assets and wishes, you may need to start planning long before you ever expect to need care.
Having an idea of how expensive care can be will help you appreciate the importance of medical and financial planning sooner, rather than later. This can ensure you have the funds to receive the care you want. It can also be of great benefit to your family, who may not have to make any difficult decisions or their own financial contributions.