Saving for retirement is often encouraged as a way to be able to enjoy some of the activities you did not have time for while you were still working. The reality is that you must save for retirement if you want to be able to afford to pay for senior care services and to enjoy the little extras such as a meal at a restaurant and traveling to see your friends and family. Your social security will cover your basic expenses, if you are lucky, but not much will be left over for anything else. This includes paying for senior care.
If you can plan ahead for the type of senior care you would prefer and be aware of the costs, you will make the process of finding care go much more smoothly. While you may not be able to predict what health issues you may experience as you age, you can at least make sure the process of finding and paying for care goes smoothly, should the need arise.
How much does senior care in Greenwich, New Canaan, Fairfield, Westchester, Westport Connecticutt cost? It depends. If you have some financial assets, you will be privately paying for long-term senior care. If you have no assets and qualify for Medicaid care, as a very low-income senior, you will receive long-term care paid for by the government's Medicaid insurance at a nursing home which accepts Medicaid as payment. Some do only if you first entered the facility as a private pay client. Some just don't accept Medicaid patients.
To effectively plan for senior care costs, research the cost of care in each state, comparing senior home care to nursing home costs. You may also should view the Medicare nursing home ratings and find out if a nursing home will accept Medicaid as a form of payment in the event you would run out of funds to privately pay.
A private nursing home room ranges from $145 in Missouri to $488 in Hawaii. Find out what the costs of care are in your state to help plan where you would like to spend your retirement years - near the ocean or maybe just near friends and family, regards of the view.
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