Yosef Meystel, the president of YAM Management, oversees more than 15 nursing homes. On account of his experience with these facilities and their residents, Yosef Meystel understands the stress families face when figuring out how to pay for assisted living care.
Although prices vary, the average cost of a nursing home in the United States is about $6,000 monthly. Some seniors only need to reside within a nursing home for a few weeks or months while recovering from things like hip fractures or strokes, whereas others may require constant care as degenerative diseases like Alzheimer’s take their toll. The cost of such care, even if temporary, can be frightening, because Medicare only pays for the medical portion of the care, such as physical therapy.
Many seniors benefit from looking into long-term care insurance. Seniors pay a monthly insurance premium to the insurer. If nursing home care becomes necessary, the insurer pays for the care. Long-term care insurance is less expensive than the care within a nursing home, too; the American Association for Long-Term Care Insurance puts the average yearly cost for this insurance at just over $3,300.