The average cost of a nursing home is $6,000 to $7,500 a month. In-home care can cost $12 to $30 per hour.
Long-term care insurance can cover some of these costs, but most people haven’t even considered it.
As a result, caring for an elder loved one can bring you to the edge of bankruptcy.
Here are some ways to reduce those costs, according to an article on bankrate.com:
- Look at other regions. Costs of care range from, for example, $69,000 a year in Georgia, to $155,000 a year in Connecticut.
- Early interventions can save money. Keep tabs on your parents’ state of mind before an emergency situation arises. For example, monitor their bank accounts to keep track of how they are functioning.
- Look into government programs. Medi-Cal will cover nursing home costs but a person staying in a nursing home on Medi-Cal can have assets of no more than $2,000.
- Consider adult day care. The cost is $25 to $75 per day.
- Tax breaks can help with the cost of taking care of an aging parent. You can deduct many of the expenses.
If you have questions about elder law, feel free to contact us for a consultation at (626) 696-3145.