The financial benefits of Life Care Planning are key factors clients use when deciding to work with us. One of the first questions prospective Life Care Planning clients have is, “How much does a Life Care Plan cost?” Perhaps the better question is, “What will it cost me not to have a Life Care Plan in place?”

Let’s back up a bit. Life Care Planning provides a road map to deal with the legal, financial, medical and emotional needs involved in growing older. That road map can be quickly adjusted as conditions change. One of the important benefits of Life Care Planning is that family members serving as caregivers can relinquish the role of caretaker and return to their role of spouse, daughter, son or loved one.

A Life Care Plan follows a person from the moment they hire Applegate & Dillman through end of life. Life Care Planning provides asset protection solutions so that individuals’ hard-earned savings are not depleted and clients can receive the care they need.

The Financials

Let’s look at the facts. The current average daily rate for nursing home care in Indiana is $217 a day or roughly $6,510 a month for a private room. This DOES NOT include additional fees based upon the level of care needed.

The average cost of Assisted Living in Indiana is $4,100/month. It would cost even more to add even basic levels of care such as bathing, dressing or medication administration.

The average American really wants to stay in their home and get care there. In-home care costs an average of $22 per hour, with most agencies requiring a three-hour minimum per visit. If an individual needed around the clock care in their home, their average monthly costs would be $15,840. These fees include only non-medical assistance. This means home health care aides can provide assistance with bathing, dressing, toileting, meal preparation, and medication reminders. However, they cannot provide wound care or administer any medication.

Indirect Costs/Benefits

It’s not just the actual cost of care that impacts a family or caregiver. The average caregiver spends 13 hours a month researching resources for their loved one. Many caregivers also take time off work to care for their loved ones, which means they sacrifice income or have to take valuable vacation time. All of that time, energy and research can be alleviated by having a Life Care Plan in place and a Life Care Coordinator on call. What is your time worth?

One benefit of Life Care Planning is that the team actively searches for ways to pay for care and help preserve your assets – whether that’s applying for Medicaid or the Medicaid Waiver program, utilizing Veteran’s benefits you might not be aware of or shopping around for the best possible care for the best price.

What do you get for your money?

The best way to illustrate what you get for your money with Life Care Planning is to share the story of a recent family we served.  Mr. and Mrs. Smith (not their real names) were reaching the point where their daughter didn’t feel it was safe for them to be home alone. She spent hours investigating the options, costs and various placements. She quickly realized her parents would run out of money within about 10 months and it appeared they had too much money to qualify for Medicaid. She became paralyzed and panicked.

Enter Life Care Planning. Applegate & Dillman quickly created a road map for the family and examined possible funding sources. We were able to outline whether home health care was the best option or assisted living. In this case, assisted living was the best choice for the family and the team found great options, coordinated the move and took the burden off their overwhelmed daughter.  We also helped them apply for Medicaid to help pay for their placement and some basic care. We’ll be there if Mr. and Mrs. Smith need more advanced care and can help coordinate that, even if it’s an emergency caused by a fall or injury.

With Life Care Planning, you get a team that knows you, your family and your history. They are available during any unexpected situation and to help you avoid crisis situations through planning. With service like that, Life Care Planning is truly priceless.