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The rising cost of senior care can come as a shock to many families. Whether your loved one wishes to age in place, transition to assisted living, or explore memory care options, having a financial plan in place is critical to ensuring quality care without unexpected burdens. Planning ahead provides families with more options, greater peace of mind, and the ability to align care decisions with long-term goals.
First, it’s important to understand the typical costs of various types of care. According to Genworth’s most recent Cost of Care Survey, the national median monthly cost for assisted living is over $4,500, while in-home care can cost between $25 and $30 per hour. These figures vary by region, and services like memory care or skilled nursing can cost significantly more. This makes early planning essential.
Families should begin by assessing current income, savings, and assets. Does your loved one have a retirement plan or long-term care insurance? If not, consider whether existing resources could be stretched to cover care with support from public programs. Some seniors may qualify for benefits like VA Aid and Attendance, which helps veterans and their spouses pay for personal care services. Others might eventually become eligible for Medicaid, which can help cover nursing home or in-home support if income and asset limits are met. It’s also important to know that Medicare typically does not cover long-term care, only short-term rehab or skilled nursing following a hospital stay.
Working with a financial advisor or elder law attorney can help families build a strategy that factors in care needs, housing, and estate planning. The National Council on Aging offers excellent resources, including the BenefitsCheckUp® tool, to help seniors identify financial aid and local services. When financial planning is approached with care and clarity, it not only protects assets — it protects dignity and choice for your aging loved one.
