As people age, their needs change. In Missouri, there are 6,028,076 residents, with 882,552 of those residents over the age of 65, representing 15% of the population. The majority 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. For the most part, people pay for care with their own personal 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 there are specific coverage limitations and asset requirements.
Your expenses will be based on the type of care you receive. Using 2015 Cost of Care data from Genworth, here is a comprehensive breakdown of the primary elder care options available in Missouri: Home Care, Adult Day Care, Assisted Living, and Skilled Nursing.
In Missouri, home care is the most popular 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 a variety of 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 Missouri ranges from $10-28. The median hourly cost of home care in Missouri is less than the national average of $20. The annual cost is $43,472, 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 Missouri ranges from $45-204. The median daily cost in Missouri is greater than the national average of $69. The annual cost is $20,795, for 5 days per week for 52 weeks.
Assisted-living is also community based, providing care and health services to people who may need assistance with activities of daily living, but not as extensively as assistance from nursing homes.
The monthly cost of assisted living in Missouri ranges from $700-6,400. The median monthly cost of assisted living in Missouri is less than the national average of $3600. The annual cost is $30,300 for one bedroom in an assisted living facility.
Skilled nursing, or 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 Missouri ranges from $130-380.The median daily cost of skilled nursing in Missouri is less than the national average of $250. The annual cost is $60,773.
Do not let the cost of aging sneak up on you and your loved ones. Having a conversation with the entire family about care needs and figuring out how to pay for care have never been more important. Planning today will ensure your loved ones comfort and wellbeing as they grow older without the added worry of uncertainty.