To avoid irrelevant tax payments, financial planning is essential to control elder care costs.
Long term insurance policies help to manage elder care costs to a great extent.
Today, the costs of assisted living range from $1000 to $5000 per month.
The cost of assisted living can be covered by certain long term care insurance policies.
Rent for independent living and retirement house changes according depending on the quality and services offered.
Rent for senior houses and retirement homes without meals ranges from $800 to $1,500 per month, and with food, the cost can be $1400 to $3400 per month.
This includes nursing care and recreational facilities.
Long term care in a nursing home costs from $3000 to $6500 or more per month.
Shared or private rooms have different rates.
Elders who need help for everyday activities opt for home care service.
Home health care costs around $50 to $85 for each visit.
If medications and other services are provided during home health care, then the rate averages about $90 per visit.
An average of $100 is paid for 24-hour home care service.
Adult day care program costs range from $10 to $50 per day.
Geriatric care manager charges $40 to $100 per hour.
Elder care cost for emergency response service ranges from $35 to $50 per month.
The fees for medication reminder services for the elder run about $20 per month.
Expenditure of each meal delivery also ranges from $2 to $5.
Wheelchair vans are highly expensive and the cost for round trip services is $50 to $100.
Medicare, Medicaid, managed care plan, supplemental insurance and long term care insurance are some of the financial alternatives for providing elder care.