Long term care expensive in Maryland
If you have an elderly or disabled person that needs long term care, you might not be happy about the results of a new survey.
The cost of assisted living facilities in the state is higher than the natural average and has risen in cost in recent years, according to a survey done by Genworth.
The median annual cost of a long term care assisted living facility was $39,135 nationally, an increase of 6 percent over the past six years. The cost is $39,600 in Maryland, an increase of 6.2 percent.
The median hourly rate for care at home was $20 an hour in Maryland, a 3.5 percent increase over the past six years. Nationally, it cost $19 an hour, a 1.4 percent increase.
The median cost of a private nursing home room in Maryland has risen 4.1 percent annually in the past six years to $89,972 per year. The national rate is $77,745, an increase of 4.4 percent.
Genworth offers these tips to help contain costs:
Fee waiver - Assisted living facilities may charge a one-time fee prior to move-in. They may waiver fees or offer other financial incentives such as free rent if there are many vacant units in the market. Don't be afraid to ask for a deal.
Room upgrade - Try for a more expensive room at a lower price if vacancies are high.
Special rates- See if there are discount rates for moving in at a certain time of the month.
Shop Around - Agencies may lower their rate if they know you are looking elsewhere.