Now that you’re getting older, you’re starting to think about how much your medical care is going to cost you in the long run. By knowing what costs are associated with long-term care, you can prepare by saving money and figuring out ways to finance your care, no matter what needs may come up.
Here are some of the expenses you may have to pay when it comes to your long-term care.
You might choose – or need to go into – a nursing home, where you can be monitored 24/7. In Washington, a nursing home will cost an average of $266 per day, or around $8,000 per month.
Home Health Care
If you need home health care in Washington, then it’s going to cost an average of $23 per hour to hire an aide. It’ll be higher if you live in Seattle, where the average is $25 per hour.
At-Home Medical Equipment
It’s possible that you may need medical equipment for your at-home care. The costs are going to vary depending on your insurance coverage and what exactly you need in order to function from day to day.
Long-Term Care Insurance
Long-term care insurance is something else you may want to invest in. Your annual premium costs are going to be different depending on your age and gender. Typically, a single male who is 55 will pay $950 per year, while a single male who is 65 will pay $1,700 per year. A single woman who is 55 will pay $1,500 per year, and when she’s 65, she’ll pay $2,700 per year.
Contact Legacy Law Group
If you need help with estate planning when it comes to your long-term care, you can contact the estate planning attorneys at Legacy Law Group in Eastern Washington, Spokane Valley, and Spokane itself. Get in touch with us at (509) 315-8087.