Time. Now for stretching your dollar where we give
you tangible tips to help you make the most of
your money. Well, as we face the realities
of aging and changing health care needs, many of
us are met with looming concerns over the financial implications
attached to long term care costs, which can be
quite the burden for many people, especially as their
loved ones. Get closer to retirement. According to
the 2022 planning and progress study, the average person
will need over$1 million to retire comfortably. But
that's just the start in 2022. The average cost
for daily nursing home care in the US went from
a low of$180 a day in parts of Texas
and Louisiana to well over$1000 a day in parts
of Alaska for private payers. Having daily costs like
that would make retirement and your savings run out pretty
quickly to cover care like this certainly can be overwhelming
. But there are ways to manage expenses, plan
ahead and get what you need. So joining me
now is an expert to show us how to prepare
for this Kia mcallister, Young Director of America Saves
joins me now, Kia, it's good to see
you what different types of long term care are available
. Lots. The list is pretty long. So
you have nursing homes, you have home health care
, um, personal care, adult day care assisted
living facilities and even respite care. So lots of
different options with different price tags attached to them,
walk us through the price tags from most affordable to
least affordable. Yeah. Um, so adult day
care and respite care, those types of care are
on almost like an hourly basis or a daily basis
. So they tend to be um, more affordable
when you get into um, assisted living and home
care or personal care. So personal care is really
those like daily adult, daily living activities. Um
, home health care adds in the nursing medical aspect
to it and that's when it gets a little more
pricier. You're talking anywhere from five to up to
$9000 per month. Wow, that is pretty expensive
. How can people prepare for this? Yeah,
so um there's long term disability sometimes that's offered with
your employer. Um, but if you don't have
that you, there are some private options. Um
, sometimes your life insurance may have a long term
care writer. Um, and if you are a
veteran, then you may have veteran benefits that can
help cover some of those costs too. So there
are some, some options in addition to you know
your own personal savings, your own retirement accounts and
things like that is negotiation an option in any of
these cases. Kia, yeah, especially when it
gets to like assisted living communities. Now they all
have different um fees that are attached. Some of
them are negotiable, some of them are not.
Um But you wanna have some type of positioning power
going into these um conversations, especially if you're doing
it on behalf of a loved one. So knowing
the occupancy rate of the community that you're looking at
um is really helpful. If under 90% occupancy,
then usually there's some negotiation that you can do because
they want to be, you know, um uh
have a higher Ocu occupancy rate. Um but they
have room and board and that's harder to negotiate.
The big one that most people can negotiate are um
like an entrance fee or a community fee or they
might even call it a move in fee. Um
And they're a little bit more flexible. They usually
range anywhere between five and 15,000 and it just has
to do with getting you set up or getting your
loved ones set up into the community. So that
fee in particular is usually the most negotiable, especially
if they're under that 90% occupancy rate. Kia I
wish we could talk more such an important topic.
Uh But we got to leave it there due to
timing. That's Kia mcallister, Young Director of America 00:03:53.469 --> saves.