As we start to reach the end of 2012, some much-anticipated annual statistics relevant to the elder law community are becoming available. We can now pass along the news about the release of the brand-new MetLife Mature Market Institute survey that provides a look at the current state of long-term care costs.
Experts have stated that these costs are expected to continue to rise, and this year’s survey corroborates that assessment.
Nationally, the average cost for a private room in a nursing home went up by 3.8% to $248 per day. A semi-private room is averaging $222 per day nationally, and this represents a 3.7% increase over the 2011 figure of $214 daily.
Here in California, nursing home costs are higher than the national average. A single day residing in a private room in a nursing home in California is averaging $330 in 2012. When you project this out over a full year, you are looking at an annual expense of just over $120,000.
Assisted living facility costs went up by 2.1% throughout the United States as a whole on average. The average annual charge for residence in an assisted living community was $41,724 last year, but this year the figure has risen to $42,600.
These costs are something to take seriously because Medicare will not pay for long-term living assistance.
However, it is possible to qualify for Medi-Cal under some circumstances. This is the only viable solution for many people, and in fact Medi-Cal/Medicaid pays for the nursing home expenses of most people who are residing in nursing homes.
Given the rather stifling nature of these expenses it may be a good idea to discuss Medi-Cal planning with a licensed and experienced elder law attorney.