Long Term Care Costs – CarePatrol of Fox Cities https://carepatrol.com/fox-cities Thu, 23 May 2024 14:02:36 +0000 en-US hourly 1 https://carepatrol.com/fox-cities/wp-content/uploads/sites/279/2023/09/cropped-CP-FavIcon-32x32.png Long Term Care Costs – CarePatrol of Fox Cities https://carepatrol.com/fox-cities 32 32 The Importance of Planning Ahead for Senior Long-Term Care https://carepatrol.com/fox-cities/the-importance-of-planning-ahead-for-senior-long-term-care/ Thu, 23 May 2024 14:02:11 +0000 https://carepatrol.com/fox-cities/?p=7874 This month I was asked by an Appleton area Independent Senior Living Community to come and chat with their residents on the topic of planning ahead for senior care. Now more than ever, this is such a critical topic. With Medicaid-funded facilities at historically high occupancy rates, and so many Wisconsin assisted living facilities with open State Survey Care Citations, we should all be thinking about the future.

  1. If you’re in good health, you should be considering purchasing long-term care insurance. This insurance will pay all or part of your home care or assisted living costs when facing care needs. It’s a costly insurance, probably in the range of $300-$400 per month. However, it will potentially cover care costs in the range of $6,000-$10,000 per month when it’s needed.     nnn
  2. Pay attention to your changing health care needs, any chronic conditions that may impact your ability to care for yourself. If your physician and nurse are indicating that you may need some extra help, take it seriously. Many Fox Cities Physician offices have social workers you can speak with to gather more information.
  3. Understand your financial situation. Are you able to set aside funds for care, or do you already have long-term care insurance? Having 2+ years of private pay (personal) funds to pay for care will give you access to most Northeast Wisconsin care facilities. That total number currently (savings + monthly income over the 2 years) is sitting at about $160,000. If you need help calculating this, our team of advisors can help you.
  1. Matching up care needs with safe facilities that match your care requirements today and down the road as well as your budget can be an eye-opening process or a daunting task. Either way, a CarePatrol Senior Advisor can come alongside you to help narrow down the best options.
  1. If you do not have the funds to be able to afford the 2 years of private pay, at least try to set aside enough for 3-6 months. This will be helpful to you in an urgent situation where you can pay for your care in a facility for several months while you apply for Medicaid support funding. (note-when applying for Medicaid personal asset levels must down to $2,000 value).  If you do not have at least a few months of private pay funds available, it’s even more critical for you to plan ahead. Get in touch with your county Aging and Disability Resource Center, who can guide you to resources and funding options as your need for support continues to grow. Don’t wait until an emergency, as you will find yourself in a pressure situation.
  1. Planning ahead will save you and your loved one’s time, money, stress and a myriad of other problems when care is needed. If at any time you would like no cost guidance, you can reach out to our Fox Valley CarePatrol office at 920-428-0827 to speak with a local senior care advisor.

Michelle Graf,

Owner & Certified Senior Advisor

CarePatrol Fox Cites, Oshkosh, Green Bay

]]>