When doing estate planning, long-term care planning and Medicaid planning, it is important to consider the costs that you may face. These are going to be unique in every situation, depending on the type of care that is required. But understanding the averages can help to demonstrate why planning in advance is important.
It is also worth noting that these costs vary significantly from state to state. Below, we will take a look at some of the averages in Maryland specifically.
Assisted living
To begin with, some individuals move into an assisted living center. They may be fairly independent, but they do require consistent assistance, and living in this type of facility is going to average roughly $7,173 on a monthly basis.
Memory care
As people age, they may run into issues like dementia or Alzheimer’s, which means they need to live in a memory care center. This is a much more intensive type of assistance and averages around $9,000 per month.
Nursing home care
A nursing home is a step above an assisted living center in terms of the care that a person receives. It is also possible to get a semi-private room. However, this is the most expensive option, with reports indicating that it averages about $12,927 per month.
In-home care
Finally, many people prefer to age at home, but they will hire in-home caregivers to assist them. This is a bit less expensive because it is not around-the-clock care, but paying for 44 hours per week will cost roughly $6,673 a month.
These high costs help to demonstrate why advance planning is important. It can help to work with an experienced attorney while exploring all of your options.
