As the baby boomer generation begins to retire, the concern about the need for long-term care increases. Long-term care is expensive. In Maryland, the average costs are as follows:*
- Avg. Daily Nursing Home Rate : Private $ 258
- Avg. Daily Nursing Home Rate : Semi-Private $ 235
- Avg. Monthly Cost in Assisted Living Facility: $ 4092
- Home Health Aide Average Hourly Rate: $ 20
- Homemaker Services Average Hourly Rate: $ 19
- Adult Day Services Daily Rate: $ 76
The rates for care in Baltimore and Silver Spring are higher than the state averages. The costs for long-term care in Maryland are higher than the national average.
Medicare only pays the full cost of nursing home care for the first 20 days; after that, Medicare will pay for a portion of the cost up to the 100th day of care. Payment for nursing home care by Medicare after the 100th day stops. In addition, Medicare will not pay for care in an assisted living facility, continuing care retirement community or adult daycare.
This means that most of the cost for long-term care will be out of pocket, unless you purchased long-term care insurance.
Long-term care insurance is probably the best option to cover costs of long-term care. However, it is impossible to buy when you need it. Many employers are offering long-term care insurance as part of a benefit package. If you have young adults just entering the work force advise them to take advantage of this insurance while they can get it for less expense. You could also consider asking your employer to provide it as part of your benefit package in lieu of a raise; it could save you both money.
*Source is National Clearinghouse for Long-Term Care Information
Contributed by Nicole Livingston, Attorney
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