Understanding Long-Term Care Costs: A Guide for Ohio Families

I think I am not alone in confessing that it is hard to think about maybe needing care in a nursing home or having to make that decision for someone we love. But like taxes, getting older is a certainty and planning ahead is necessary. For many of us, talking about long-term care often only happens after an unexpected health crisis hits. According to CareScout, a national leader in long-term care data, costs for assisted living, home care, and nursing homes jumped nearly 10% nationally in just one year, far outpacing general inflation. Planning ahead for things like nursing home or assisted living facility care can save your family from significant stress, confusion, and financial hardship down the road.

Long-term care costs: What Ohio families can expect

Genworth’s 2024 Cost of Care Survey, breaks down what Ohioans might realistically expect to pay:

• Assisted Living Facilities: Around $5,500 per month ($66,000 per year)
• Nursing Home Care:
  • Semi-Private Room: Approximately $9,034 per month ($108,405 per year)
  • Private Room: Roughly $10,038 per month ($120,450 per year)

These costs highlight just how important it is to plan ahead financially and strategically for potential long-term care needs.

Common misunderstandings about Medicare and Medicaid

Many families think Medicare will cover most long-term care expenses. A recent New York Times article highlighted KFF polling results showing that nearly half (45%) of adults aged 65 and older mistakenly assume Medicare will cover extended nursing home stays. In reality, Medicare usually only covers short-term rehab after hospitalization.

Medicaid does cover long-term care more comprehensively, but eligibility is strictly limited by income and assets. Smart Medicaid planning is essential for Ohio families to protect assets and access necessary care.

Steps you can take now

Here’s how Ohio families can proactively manage future long-term care expenses:

1. Evaluate long-term care insurance. Policies like traditional or hybrid long-term care insurance can help manage significant costs. Still, according to KFF, only about 11% of adults currently have such policies.
2. Start saving early. Fewer than half of adults over 65 have saved specifically for future care. Creating a dedicated savings account now can ease future financial burdens.
3. Maximize your retirement income. Delay claiming Social Security if possible to ensure higher monthly benefits later, offering more financial flexibility when care becomes necessary.
4. Have family discussions early. Surprisingly, fewer than half (43%) of families have seriously discussed their long-term care wishes or how to cover the costs. Early, open conversations make a huge difference.

Satisfaction and quality of care

While financial planning is crucial, choosing the right care provider also matters greatly. The KFF survey noted that while most individuals were generally satisfied with their long-term care, lower-income respondents were significantly less satisfied. About 42% of lower-income adults expressed dissatisfaction compared to 28% of those with higher incomes. This underscores how important it is to thoroughly research your options to find quality care.

Additional considerations for long-term care planning

Long-term care planning in Ohio is about more than just dollars and cents. It involves making sure your loved ones are safe and well-cared for:

• Recognizing signs of neglect and abuse: Familiarize yourself with common signs of nursing home neglect so you can quickly identify issues.

• Choosing a care provider: Finding the right care facility can be tough. KFF found that 62% of families struggled to identify suitable care providers. Check out our guide on choosing a nursing home to help make informed decisions.

Why this matters for Ohio families

Ohio’s population is aging rapidly. By 2035, the number of residents aged 85 and older is expected to nearly double, according to the U.S. Census Bureau. Coupled with an ongoing shortage of long-term care workers, it’s more important than ever to plan ahead.

Proactive planning for long-term care costs helps maintain control over financial decisions and ensures loved ones receive the compassionate, professional care they deserve. When care issues do arise, such as neglect or substandard care, it’s critical to have informed and compassionate advocacy.

How the Nancy C. Iler Law Firm Can Help

At the Nancy C. Iler Law Firm, we know long-term care planning goes beyond finances. I specialize in helping Ohio families navigate difficult situations like nursing home neglect or assisted living abuse. If you have concerns about your loved one’s care or suspect neglect in a facility, our firm offers compassionate, dedicated legal support.

Call for a free consultation today to protect your loved ones and gain peace of mind.