What is elder law?
Our elder law practice helps families find solutions when a loved one cannot live independently any longer. We help people answer key questions such as “Where will it be safe for my loved one to live?” and “How is my loved one going to pay for the care that he or she needs?” These questions may be prompted by either a current need or a concern about a future need.
Costs of Long-Term Care
In our experience, most people needing assistance with paying for the costs of long-term care are responsible people who did the right thing and saved diligently for their retirement years. As long as they stay healthy, they are typically able to comfortably live within their retirement budgets. The costs of long-term care, however, can stretch a retirement budget beyond its breaking point.
Examples of different types of long-term care cost ranges in the St. Petersburg area include:
- Home companion care: starts at $18-$20 per hour
- Assisted living facility care: between $2,500 – $4,500 per month
- Memory care in assisted living facilities: between $3,500 – $5,500 per month
- Nursing home care: between $8,000 – $12,000 per month
Financial Assistance for Long-Term Care
Whether it is home care, assisted living, or nursing home care, there are usually only three sources of money: personal funds; long-term care insurance; and government benefits such as Medicaid and Aid and Attendance, a program for veterans offered through the Department of Veterans Affairs.
If you don’t have enough money in your personal funds, then you need to look to long-term care insurance or government benefits. If you don’t have long-term care insurance, then that only leaves the option of applying for government benefits. An elder law attorney can help you to assess your options and complete steps to obtain the funds that may be available to you.