The first long-term care question is not a national average price. It is what help a person needs, how often, and in which setting. A few hours of assistance at home, an adult day program, and full-time residential care are different services with different bills.
Identify the coverage gap
Medicare generally does not pay for long-term custodial care, such as ongoing help with bathing and dressing. This differs from covered skilled care when Medicare's requirements are met. Medicaid may help eligible people, with state-specific rules. Private long-term care insurance covers only the services and conditions set out in the policy.
Do not count a benefit in the family budget until you have checked the actual eligibility and coverage. Request an explanation from the insurer or program, and keep it with the care plan.
Compare a complete monthly cost
Ask several local providers for written estimates covering the same level of assistance. Include transportation, meals, supplies, additional care charges, and any minimum hours. For a facility, ask what the base rate includes and what changes if needs increase.
The National Institute on Aging describes several ways families finance care, but the right mix depends on personal circumstances. Before buying insurance or using home equity, seek qualified advice about costs and tradeoffs. Bring the person receiving care into the discussion wherever possible, and decide when the family will revisit the plan.
