Planning ahead for Cost of Care

A mid range Assisted Living community monthly cost is averaging around $2900 a month PLUS the cost of the care plan. Memory care can be easily $4000-$5000+ a month, sometimes even with a shared room!

Financing these costs can take a toll on the entire family, so it is best to plan ahead to know what can be done NOW to take care of loved ones later!  There are 4 options listed below to think about. Please call us 801.589.5817 to do a complimentary needs analysis and we will guide you through the process!

Genworth Cost of Care Survey

2017 AVERAGE MONTHLY Costs, NOT including the care plan, in Utah for:

Assisted Living $3150

Home Health Aide $4290

Adult Day Health Care $1333

Nursing Home Care: shared room $5627

Nursing Home Care: private room $6965

If you want to fine tune the cost breakdown, visit the Genworth site and input the city in Utah you are considering!

Cost of Care - Learn more

Medicare & Medicaid

If you cannot pay out of pocket for medical assistance,  do NOT HAVE long term care insurance, cannot get a reverse mortgage loan (see our reverse mortgage link), don't qualify for VA aid and attendance benefits and/or you don't want to sell a home because someone will need to live there, please connect with our ElderCare Law partner, Eric Barnes.

"Medicare provides limited nursing home care benefits. To obtain Medicare benefits for nursing home care, you must have a 3 day hospital stay and then be released to a nursing home (or enter a nursing home within 30 days of your stay) for the same illness that put you in the hospital in the first place."  and the complexities go on from here!

Medicaid is a state run program, and there will be a cost you will need to pay before it pays the rest.

The ElderCare Law firm will help you figure out the intricacies of Medicare & Medicaid! 

We cannot stress this enough:  If you think you will need either of these programs, please connect with the Eldercare Law Firm ASAP to make sure it is done properly!

Medicare & Medicaid Help!

Va Aid & Attendance Benefits

This is NOT just for a VA sponsored community! Can be used in various assisted living situations.

Are you a veteran? 

Were you active for at least 90 days during a time of war?

Were you honorably discharged?

Not including your home or car, do you have limited assets?  Certain income limits will apply, but these are offset by the cost of the assisted living, so check with the community you are looking at to see if they have a specialist on hand to help determine your eligibility!

For more general information on income guidelines to qualify for this pension benefit for long term care costs, visit VeteransAidBenefits.

Most assisted living places can help you put the paperwork together for this. If they cannot, or you want legal help, click the link below or

Give our Senior Division a call!        801.589.5817

VA Aid & Attendance - Learn more

Reverse Mortgage

Have a home with equity?  Does an owner need to remain in the home while another owner is in an assisted living facility? 

Reverse mortgages have come a long way since they first started. The guidelines are stricter, the homeowners are left with more in the home than earlier versions of this product, and more. Learn more about reverse mortgages ...we think you will be pleasantly surprised!

From the HUD site:

"A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you. However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence, or upon the death of all borrowers and there is no eligible non-borrowing spouse, or the borrowers fail to meet the obligations of the mortgage."

A reverse mortgage could be the answer to paying for the medical needs or assisted living community without having to sell your home!

Please contact our Reverse Mortgage Specialist

Karen Mohlin, 801.791.7291, Utah Mortgage, NMLS #1600308

HUD guidelines Learn more

Long Term Care Insurance (LTCI)

Stand-Alone Policies:
Traditional LTCI pays for the cost of assisted living and/or home health care using a single policy designed with daily limits on paid expenses. Non-performance of a specific number of Activities of Daily Living (ADLs) is a requirement OR the client must have cognitive impairment.

There are numerous ways to create an efficient policy, based on the assets of the future resident, how much a family wants to pay up front, how long a wait period is before receiving benefits, premium protection,  and more.

Life Insurance with Long Term Care Riders/Benefits:
These allow you to build an internal cash value in policies that can be used as "banking systems" during your lifetime, provide a death benefit, and the attached rider would provide funds for long term care if needed.

Please call:

Gina M Gonzalez 801.544.6829 for a needs analysis and more information

Learn more

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