Dementia Diagnosis Could Cost $730K in Nursing Care
While the families are happy to hear a longer prognosis, those extra years with their loved ones come at a profound financial cost, climbing toward a million dollars in some cases.
This month, USA Today explains how a dementia diagnosis can easily add up to $730,000 for a typical family. Consider the following:
- The national median rate for a private nursing home room in the United States is $91,250 (and even higher in New Jersey).
- Medicare doesn’t pay for long-term nursing care.
- Dementia patients routinely live for five, eight, or even ten years after they first begin to require around-the-clock care.
Assuming just eight years in a private nursing home room at the median rate, then, a family would see $730,000 in savings vanish in less than a decade’s time.
These are jaw-dropping costs. The best defense against them is early planning.
Fortunately, Medicaid does provide some relief, though it’s far from perfect and applying isn’t easy. As USA Today points out, coverage is often denied at first, but “it can pay to fight coverage denials.”
Going it alone can be tough. That’s why we’re here. If you need help planning for the future, finding funding in a crisis, or battling a Medicaid denial, please contact the experienced Mercer County elder law attorneys at Medina Law Group. We’ll do everything in our power to make a meaningful difference for your family’s future.