What are the financial aspects of this type of health care?
The cost of long term care is significant, and little assistance is available through Medicare or other health insurance. If the elderly’s income is not sufficient to cover the monthly expense, it usually has to be supplemented by either savings, the conversion of assets, or assistance from family residents. In some cases long term care insurance has already been put into place and may now be utilized. Other sources that can be tapped into include life insurance policies, annuities, and reverse mortgages. Each person’s financial status is different. You should explore your options with your attorney, CPA, or insurance agent. Rate Structure There is not a formal industry wide rate structure for care and living quarters. Rates for RCFE’s will vary from $900.00 + (SSI) to more than $4,500.00 per month. Rates are usually based on the physical aspects of the facility, staff to resident ratios, services offered, and the elderly’s level of care requirements. The latter can only be determined
