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Personal
Income and Savings
Things To Consider
- Could
you afford to pay for a range of long term care costs
and for how long?
- Quality
care can quickly be more than one's monthly income
requiring the use of savings:
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In-home
care: (depends on type of service/amount of care)
|
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$80/hour
for home health aide
$100/hour for registered nurse |
| Community
services (depends on type/quantity) |
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Adult
day care: $15,000/year
Average nursing home costs: $60,000/year |
- What other
costs will be competing for your family finances,
e.g., spouse's living costs and future financial security.
- Your feelings
about using your certain types and amounts of your
assets to pay for your care.
- Amount
of financial risk you are willing to take.
- Planning
will not be "perfect." It is impossible
to predict care needs and costs for any one individual.
DO:
 Complete
a financial worksheet listing income, savings, debts
and assets.
Determine
the importance and meaning of your later life financial
goals
Discuss
your financial goals and beliefs about using your income
and assets for long term care with those involved in
the decisions
Calculate
your ability to self-insure against the costs of long
term care. What amount could you afford to pay for long
term care in your home or in a nursing home and for
how long?
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