by Brendan Roath, CFP®, EA and Rod Roath, CPA, CFP®
Money Matters, Inc.
#1 - Minnesota’s 2020 average annual costs of care are shown below (Source: Genworth 2020 Cost of Care Survey).
- Full-time homemaker services ($70,356), full-time home health aide ($75,504), adult day care ($23,754)
- Assisted living facility ($51,390), nursing home facility-semi-private room ($132,313), private room ($144,303)
#2 - US Dept of Health and Human Services estimates 7 out of 10 will require long-term care in their lifetime.
#3 - 21% of individuals receive long-term care because of an accident (Source: Genworth).
#4 - Medicare pays 100% of the cost of rehabilitative care at a skilled nursing facility for only 20 days (Source: www.Medicare.gov).
#5 - In 2018, 43% of long-term care recipients were under age 65, up from 19% in 2010 (Source: Genworth).
#6 - The basic in-home activities of daily living typically covered by long-term care insurance are dressing, toileting, mobility, bathing and eating.
#7 - In a 2016 survey, 6.4% of adults over 65 needed in-home assistance with basic activities of daily living (Source: McKnight’s Senior Living magazine).
#8 - Except for Minnesota’s long-term care partnership program described below, a single individual must spend down investments and other assets to $3,000 and income to $1,073 per month before appling for Medicaid to cover long-term care costs (Source: American Council on Aging).
#9 - Minnesota’s long-term care partnership program allows individuals covered by qualified long-term care insurance to keep assets equal to the amount previously spent on long-term care insurance coverage. (Source: American Council on Aging).
#10 - Minnesota tax rules allows a $100 income tax credit for each person covered by long-term care insurance.
Organizing Financial Success™ - www.money-matters.us