| Many people look forward to retirement, knowing | | | | stays in nursing homes and does not pay for |
| they will be able to enjoy traveling, spending time | | | | long-term care. |
| with family and finally be able to develop their | | | | - Retirement Communities often require a down |
| hobbies. The advertisements for investment savings | | | | payment around $250K + ongoing monthly rental |
| on television and magazines always show pictures of | | | | fees |
| seniors sailing, gardening and enjoying leisure activities. | | | | - Independent Living Communities are usually equal to |
| However, along with the extra free time retirement | | | | the monthly apartment rental cost in the area |
| brings, comes the stress of dealing with the aging | | | | - Assisted Living Communities usually cost a minimum |
| process. Some seniors are able to enjoy a healthy | | | | of $4,000 per month |
| aging process and others suffer from age-related | | | | - At-home Senior Caregiving Services cost between |
| illnesses and a decline in physical abilities and memory | | | | $16 and $25 per hour depending upon the area |
| loss. This means it is necessary to consider health | | | | Nursing home care is typically not an option that |
| care and caregiving needs when planning for | | | | seniors choose when planning for retirement, but |
| retirement. | | | | Medicare will pay for up to 120 days in a nursing |
| By learning about senior care options and costs | | | | home after a major medical incident. When private |
| before you will need them, you will better be able to | | | | paying for a nursing home, the costs can range from |
| preserve your assets and your family relationships. | | | | $3,000 to $9,000 per month. For example, Holland |
| What are the senior care options? | | | | Home nursing home in Grand Rapids, Michigan charges |
| - Retirement Community offering a continuum of | | | | $7,380 per day for a private room, and Heartland |
| care (apartment, assisted living, nursing home) | | | | Health nursing home in Miami, Florida charges $7,390 |
| - Independent Living Community (with access to | | | | per day for a private room. |
| caregivers) | | | | Other ways to pay for senior care include long-term |
| - Assisted Living Community | | | | care insurance or a complete spend-down of all your |
| - At-home Senior Caregiving services (home | | | | assets, and then you will qualify for Medicaid, the |
| modifications may be required) | | | | healthcare program for very low-income seniors |
| What are the costs? Medicare only pays for short | | | | which will pay for nursing home care indefinitely. |