There is one detail that is absolutely necessary for proper nursing home planning, and that is the actual cost of staying in a nursing home. Unfortunately, this is both a high cost and a frequently underestimated cost. Thankfully, there is data available that comes in handy when planning for a future in a nursing home.
The Average Daily Rate At Texas Nursing Homes
According to the most recent survey from Genworth Financial, the median daily rate of nursing home residency in Texas in 2015 was $140. This adds up to a $51,000 a year, which reflects a three percent increase over the last five years. The good news is that this is substantially less than the median nationwide. However, it varies from city to city. In Houston, for example, the median is $54,933 annually.
Of course, there will be variations based on a variety of factors. These numbers are for a semi-private room. Private rooms will be more expensive, as will rooms at facilities with more features, such as group activities. To make matters more complicated, these are the numbers right now. Like anything, they are likely to increase in the years to come. Still, they can help when determining how much money will be necessary.
You May Not Have To Cover These Costs On Your Own
While the cost of nursing home residency can seem daunting, there is hope. Medicaid may provide coverage. Unfortunately, many people give up on obtaining that coverage before they even try to get it. They do not apply because they believe they are not eligible. They think that Medicaid is only an option for poor people. In reality, people who are firmly in the middle class may also be eligible for Medicaid. It can be valuable to have an attorney who is skilled in Medicaid planning review your situation.
Perhaps you have applied for Medicaid to cover nursing home care, but your application was denied. Be aware that you may be able to appeal the decision and obtain coverage with the help of an experienced lawyer.
If you are trying to figure out how to pay the high cost of nursing home care for yourself, your parent or another elderly loved one, we encourage you to discuss the matter with our certified elder law attorneys.