Paying for Senior Care in Miami
The overall price of long-term care for senior citizens can vary depending on the type of care that is available in your local area and the amount of assistance that your loved one is in need of. There are care providers who can devote several hours per week to providing in-home care for seniors as well as trained nursing professionals who provide health care to residents of nursing homes. Many people believe that Medicare will cover all the costs of long-term care when it is needed. However, this type of coverage only pays for a selection of costs, leaving seniors or their loved ones to pay the remainder of the bill.
It is estimated that senior care in Miami costs around $6,000 per month at a facility with a 24-hour nursing staff on hand. In-home care can be significantly less, however the costs will vary depending on the level of care required. There are a few options for paying for long-term care expenses. Medicare will pay for some services but you will have to supplement for the left over costs. If you qualify for Medicaid, it can help cover some of the costs. Other resources include Veterans Administration benefits, long-term care insurance, and out of pocket funds from savings, retirement funds and other assets.
Paying for Senior Care in Miami with Medicare, Medicaid and Other State Programs
Medicare will pay for the cost of long-term care, but only for a limited time. If a patient needs to stay in a nursing home or similar facility immediately after leaving the hospital, Medicare will pay for short-term care up to 100 days. They will also pay for physician prescribed home health care for a short amount of time as well as occupational therapy, speech therapy, medical-related social services, and personal care assistance.
Medicaid is the largest pay of long-term care and will pay for nursing home care and other expenses that Medicare does not cover. It can also cover some in-home care services. Anyone who receives SSI income is likely to qualify for Medicaid insurance. Those who have a low income and limited assets are also more likely to receive Medicaid coverage. Adults who do not qualify for Medicaid can try applying for state programs that will help cover the costs of their health care.
Coverage for Senior Care Services from Long-Term Care Insurance
Long-term care insurance plans can be very expensive, however they allow seniors to pay the costs of their health care without digging into their life savings. Adults over the age of 55 can be expected to pay more than $2,000 per year for $162,000 in benefits. If you earn a good income and have managed your finances well, this type of insurance plan can be very beneficial. Unfortunately it is not for everyone and some policies may not cover all the costs of extended care, which will leave you paying the remainder of your health care fees. If you are interested in this type of policy, it is best to speak with a financial planner so that they can guide you through the process and answer any questions you may have.
How In-Home Senior Care Services can affect Your Finances
For many, in-home care from family members may seem like the most reasonable choice for everyone involved. But when you consider the amount of time that is required to provide around the clock care for a loved one, this option can quickly become more expensive than you may think. Many family members may reduce their hours at work or quit their job altogether in order to take care of their elderly relative. As a caregiver, you must be available at all times to run errands , schedule doctor appointments, pay bills, and clean the house. Most family care givers resort to hiring an in-home professional care provider to help restore balance in their lives. This can end up being one of the most expensive options of all, and that is why it is so important for family members to understand what they are getting into before they make this type of commitment.
Learn the Facts About Paying for Senior Care in Miami
If you are concerned about long-term health care for yourself in the future and how you will pay for the cost of quality care, you should take the time to learn more about your options and speak with an expert about what choice would be the best for you both personally and financially. Being prepared is a great way to ensure that you will receive the best possible care and be able to live a happy and healthy life.Tags: in home care for seniors, Paying for Senior Care in Miami