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Nursing homes: the cost and what you’re paying for

| May 23, 2020 | Elder care |

As you and your family consider a nursing home, surely one of your largest concerns is the cost. Looking at the price of a nursing home can feel overwhelming. As you consider what you are going to be paying for and what will be most beneficial for your situation.

The cost of nursing homes in Kentucky is below the national average. The state’s approximate cost in 2018 was:

  • Semi-private room: $6,844 per year
  • Private room: $7,604 per year

What you’re paying for and the price of a nursing home can significantly vary depending on the facility and required level of care. Here are some of the services that are in most nursing homes:

  • Room and board
  • Meals
  • 24-hour care from licensed and registered nursing staff and certified nursing assistants
  • Daily living care, including dressing, bathing, grooming and mobility
  • Physical therapy
  • Exercise aid
  • Community spaces and interaction with other residents
  • Social activities

Though these facilities do provide care that may be very necessary, the price tag may be daunting. However, you likely don’t have to come up with all of the money on your own. Here are some of the more common ways that people pay for nursing home care:

  • Personal funds and assets
  • Private long-term care insurance
  • Home equity loans or credit lines
  • Government assistance programs like Medicaid or Medicare
  • Government veteran assistance programs

Choosing the living situation for the next stage of life is an important decision, one that needs to be made with care. As you consider nursing homes, remember that they are all very different and it’s important to explore many options.