As people age, their needs change. In Nebraska, there are 1,855,617 residents, with 257,663 of those people over the age of 65, representing 14% of the population. The majority of these seniors are currently in the market for care assistance to address their changing needs.
While several options for care exist, care is 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 are limited in coverage and by asset requirements.
Your expenses will be based on the type of care you receive. Using 2015 Cost of Care data from Genworth, we will explore the primary elder care options available in Nebraska: Home Care, Adult Day Care, Assisted Living, and Skilled Nursing.
In Nebraska, 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 many personal care and homemaker tasks. Activities of daily living 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 Nebraska ranges from $20-26. The median hourly cost of home care in Nebraska is greater than the national average of $20. The annual cost is $52,624, for 44 hours of care per week for 52 weeks, though many people use home care only part-time.
Adult Day Care
Generally, adult day care is 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 Nebraska ranges from $25-165. The median daily cost in Nebraska is less than the national average of $69. The annual cost is $14,560, for 5 days per week for 52 weeks.
Assisted-living is also community based, providing care and health services to those 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 Nebraska ranges from $1,985-6,225. The median monthly cost of assisted living in Nebraska is greater than the national average of $3600. For one bedroom in an assisted living facility, the annual cost is $43,530.
Skilled nursing, also known as nursing homes, provides high-level care for people who need close 24-hour supervision. They offer personal care assistance, room and board, medication, rehabilitation, and on-site nursing care.
For private rooms, the daily cost of skilled nursing in Nebraska ranges from $133-600.The median daily cost of skilled nursing in Nebraska is less than the national average of $250. The annual cost is $79,570.
The most cost effective way to pay for care is to plan for care. 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.