Most people will need some form of assistance as they age. In Kentucky, there are 4,383,272 residents, with 614,496 of those residents over the age of 65, representing 14% of the population. Most of these seniors are currently in the market for care assistance to address their changing needs.
While there are many options for care, care can be expensive. People primarily pay for care with their own private or family funds. Long term care insurance or long term care protection combined with life insurance and annuities are another way to help pay for care. Medicare and Medicaid may contribute towards some long term care expenses, but are limited in coverage and by asset requirements.
Expenses are based on the type of care option received. Using 2015 Cost of Care data from Genworth, we will explore the primary elder care options available in Kentucky: Home Care, Adult Day Care, Assisted Living, and Skilled Nursing.
In Kentucky, home care is the most common option. Home care agencies are not Medicare-certified because they do not offer medical services. Rather, home care typically involves an aid who can help at home with most activities of daily living (ADLs) and homemaker tasks. Personal care tasks include bathing, dressing, transferring, and toileting. Homemaker services include shopping, meal preparation, errands, and transportation in addition to general companionship.
Home care is available for a few hours a day, or 24/7. The hourly cost of home care in Kentucky ranges from $16-24. The median hourly cost of home care in Kentucky is less than the national average of $20. The annual cost is $43,907, for 44 hours of care per week for 52 weeks, though many people use home care only part-time.
Adult Day Care
Adult day care is usually used to provide a break for family caregivers. It is given through a community-based center for adults who need assistance or supervision during the day, but not around-the-clock care.
The daily cost of adult day care in Kentucky ranges from $40-180. The median daily cost in Kentucky is less than the national average of $69. The annual cost is $17,430, for 5 days per week for 52 weeks.
Assisted-living is also community-based. Facilities provide personal care and health services to those who may need assistance with activities of daily living. The care provided is not as extensive as that of nursing homes.
The monthly cost of assisted living in Kentucky ranges from $1,181-10,125. The median monthly cost of assisted living in Kentucky is less than the national average of $3600. For one bedroom in an assisted living facility, the annual cost is $40,200.
Skilled nursing, also known as nursing homes, provides a high level of care for people who need close 24-hour supervision. They offer residents personal care assistance, room and board, medication, rehabilitation, and on-site nursing care.
For private rooms, the daily cost of skilled nursing in Kentucky ranges from $175-805.The median daily cost of skilled nursing in Kentucky is less than the national average of $250. The annual cost is $87,235.
The most cost effective way to pay for care is to plan for care. Start the conversation with the entire family today to assess the care needs of your loved one and figure out how to pay for care. Planning today will enable your loved one to age well and comfortably without added worry.