To start, you’ll want to gain an understanding of what average costs are for each type of care. The AARP Short-Term Care Insurance from Medico plan will provide a daily benefit regardless of what the facilities charge but knowing average costs will help you decide which daily benefit amount to select for your policy.
AARP Short-Term Care Insurance from Medico covers five types of care — home healthcare, adult daycare, assisted living care, nursing home care, and hospice care. The plan may also help cover cost of care coordination services, so you can get help determining the right type of care for your situation.
Home HealthcareA growing trend, home healthcare is an attractive option for many older adults because it’s more comfortable and affordable. As with other care options, home healthcare can provide a wide range of services with a wide price range to match. On average, in-home healthcare costs around $21 an hour. Different types of caregivers can help you with everything from activities of daily living (ADLs) to household tasks, and they can assist you for a few hours a day to around the clock.
Adult DaycareAdult daycare programs can be a significant help to older adults and their caregivers by offering an opportunity for socialization and a respite to avoid caregiver burnout. This care option can be an ideal choice for those who don’t need around-the-clock care or for caregivers who have other responsibilities.
Adult daycare costs can vary, ranging anywhere from $25 to more than $100 per day. Some of the adult daycare services you might receive are counseling, physical therapy, and medication assistance. Services and rates vary at each facility, but you’ll want to research your options carefully to ensure the center meets your needs.
Assisted LivingAssisted living facilities offer varying levels of care at a lower price point than nursing homes. Approximately 835,000 Americans reside in assisted living facilities, the cost of which is approximately $3,700 per month.
When you live in assisted living, caregivers are available to help you with ADLs (dressing, bathing, etc.), and living in such a community also has built-in social benefits — something to consider if you might otherwise be homebound. For those with additional needs, some assisted living facilities offer add-on services, such as memory care for those with Alzheimer’s disease or dementia.
Nursing Home CareTypically, receiving care in a nursing home will be the most expensive option, but it also provides the highest level of care. You receive 24-hour care from skilled nurses who can tend to your medical needs and caregivers who help with ADLs.
Depending on the level of care you require, such as physical therapy or memory-care services, your costs may vary, but the national average for a private room is approximately $8,121 per month. A non-private room will save you some money with its average monthly cost of $7,148.
You might choose to receive care in a nursing home for many reasons. Although most residents are in nursing homes on a long-term basis, this option can also be used for short-term recovery and rehabilitation after an illness or injury if you need skilled medical assistance.
Hospice CareIf you find yourself in a hospice care situation, you want to make sure that you can afford the type of care you wish without putting additional strain on your family. Hospice care can be expensive, up to $10,000 a month — or as much as $300 a day. While Medicare may cover a significant portion of the costs you don’t want to have to make decisions about your comfort in your last days, weeks, or months based solely on price.
Care CoordinationThe Care Coordination benefit included with AARP Short-Term Care Insurance from Medico reimburses up to $500 to help pay for a consultation with a health professional to guide you through the process.
Click here for more information on AARP Short-Term Care Insurance from Medico — or, if you’re ready, click here for a quote.
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Medico Insurance Company Disclosures
Exclusions and limitations (may vary by state)
No benefits will be paid for any expense not identified and included as a covered loss under the policy. You will be fully responsible for payment of any expense that is not a covered loss. We will not pay benefits for:
- Any loss that occurs while this policy is not in force.
- Services or supplies not covered under this policy or not included in your plan of care.
- Treatment of complications of a non-covered loss.
- Any treatment for loss that:
- Is not medically necessary.
- Is not prescribed by a physician as necessary to treat a sickness or injury.
- Is determined to be experimental or investigational.
- Is received without charge or legal obligation to pay.
- Would not routinely be paid in the absence of insurance.
- Is received from any family member.
- Any suicide attempt, while sane or insane, or any intentionally self-inflicted injury.
- Alcoholism, drug addiction, or their complications, unless addiction resulted from narcotics prescribed by a physician.
- Injuries received or caused directly or indirectly while under the influence of a controlled substance, unless prescribed by a physician, or by intoxication as defined by the laws and jurisdiction of the geographic area in which the loss or cause of loss was incurred.
- Loss to which a contributing cause was your commission of or attempt to commit a felony or being engaged in an illegal occupation.
- Loss that occurs outside the territorial limits of the United States.
- Any loss resulting from war, declared or undeclared, or actively serving in the armed forces or their auxiliary units, including any country’s National Guard or Army Reserve or their equivalent.
- Any loss resulting from any device for aerial navigation, except as a fare-paying passenger.