The Cost of Long-Term Care in Arizona
When it comes time to help a loved one find appropriate long-term care, cost will eventually be a major factor. While costs often vary greatly, pinpointing a specific budgetary range without sacrificing quality of care can still be accomplished with some careful research, planning and financial options as well.
According to the U.S. Department of Health and Human Services, 70 percent of people turning 65 can expect to use some form of long-term care during their lifetime. Because there is such a wide range of long-term care services, there is also a wide range of costs. Some people may be eligible for a public program such as Medicaid to help assist with the costs associated with long-term care. However, the majority of seniors will use a number of other ways to pay for their long-term care including long-term care insurance, personal income and savings, life insurance, annuities and reverse mortgages.
A Genworth 2016 Cost of Care Survey conducted by CareScout in April of 2016 broke down the national median of monthly costs for long-term care as such:
Homemaker Services -- $3,813
Home Health Aide -- $3,861
Adult Day Health Care -- $1,473
Assisting Living Facility -- $3,628
Nursing Home Care (Semi-Private Room) -- $6,844
Nursing Home Care (Private Room) -- $7,698
In Arizona specifically, the monthly cost breakdowns are as follows, according to the same study:
Homemaker Services -- $3,813
Home Health Aide -- $3, 998
Adult Day Health Care -- $1,812
Assisting Living Facility -- $3,500
Nursing Home Care (Semi-Private Room) -- $6,296
Nursing Home Care (Private Room) -- $7,756
It’s important to note that Medicare only covers long-term care if the individual requires skilled services or rehabilitative care, and it does not cover non-skilled assistance with Activities of Daily Living, which falls into the majority of long-term care services, per the U.S. Department of Health and Human Services. On the other hand, Medicaid covers the biggest portion of long-term care. Arizona Long Term Care System (ALTCS) is a Medicaid program designed to assist fixed-income seniors and other disabled individuals in Arizona afford these services.
However, the individual’s income must be below a specific level and that person must meet the minimum state eligibility requirements, based upon the level of assistance needed with Activities of Daily Living, in order to receive benefits. Federal programs, including the Older Americans Act and the Department of Veterans Affairs, cover long-term care services for specific populations and under specific circumstances.
Approaching how to cover long-term care costs may require the assistance of some financial guidance to help the individual in need of care, as well as the family, understand the programs and options available. Seeking multiple options, and weighing pros and cons of each can help determine which route is most suitable for the individual in need.