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4/08 by Brenda Wiemann, LMSW, Cayuga County Office for the Aging How Much Will It Cost When YOU Need It? Take a snapshot of current Cayuga County long term care prices, factor in inflation, and be prepared for a shock. For many 50 – 65 year olds, these are the figures that they will be facing when paying for long term care costs in the not so distant future. Estimated Long Term Care Costs Now and in the Future* Type of Care Annual Cost In 15 Years In 30 Years Nursing Home @$7387/month $89,000 $184,000 $383,000 Adult Care Facility or Assisted Living @ $1563 - 3,980/month $19,000- $48,000 $39,000- $99,000 $81,000- $206,000 Home Care (2 hours/day) @ $1,100/month $13,000 $27,000 $57,000 Home Care (8 hours/day) @ $4,600/month $55,000 $115,000 $239,000 * Based on average costs for services in Cayuga County, March 2007 and assumes an average 5% annual inflation rate for long term care charges. Long term care is the type of assistance someone needs on a regular basis because of chronic illness or physical or mental disabilities. It generally consists of help with activities of daily living such as bathing, dressing, eating, and using the toilet, and may include the services of a nurse as well. Many times this type of care can be provided in the home with the help of family and friends, or paid community care providers such as personal care aides and nursing staff. Other times the situation may require 24 hour care provided in a residential facility such as a nursing home. It is a common misconception that Medicare will pay for this type of care. While short-term recovery and rehabilitative needs may be covered under Medicare, it does not generally cover any needs due to a chronic condition. Medicaid is the safety-net program designed to ensure that the financially destitute receive the medical services they require. While the majority of skilled nursing facility residents are covered by Medicaid, most have had to spend-down their financial assets in order to qualify for the coverage. For many, this can be an emotionally distressing process which leaves them feeling dependent and vulnerable. For those who choose to shelter assets to qualify for Medicaid, new regulations can make it harder to do this as lawmakers attempt to limit Medicaid to the truly needy. Advance long term care planning can help take the shock out of paying for care in your later years. By talking with a trained consultant, individuals, couples and families can look at their potential needs, assess their financial situation, consider informal supports and professional services available in our community, and lay out a plan to access and pay for long tem care services in the future. For some, long term care insurance may be a tool to help ensure independence and choice when the need for long term care services arises. The Cayuga County Long Term Care Insurance Education and Outreach Program is a service that provides free workshops and individualized, unbiased help with long term care planning questions. Please call [PHONE REDACTED] to register for our next workshop or to set up an appointment for an individual consultation.