Paying for Long-Term Care

Navigating the Costs of Long Term Care in Kansas City

Comprehensive Guidance on Funding Long-Term Care

The average annual cost of a room in a nursing home in Missouri and Kansas is about $60,000. The cost of staying in an assisted living community is close to $3,000 per month. Without planning ahead of time, these expenses can quickly deplete savings and assets, putting one’s financial security at risk. As life expectancy increases and healthcare costs rise, the demand for long-term care rises.


It’s good to know what insurance policies, retirement plans, and government programs are available to us as we age. Consult with financial advisors and elder law attorneys to address long-term care costs specific to the Kansas City area.

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Financial Solutions for Long-Term Care

In senior living, some communities are private-pay only. This means government programs like Medicare or Medicaid are not accepted. In these cases, seniors and their families have to lean on their savings, a long term care insurance plan, or selling off large assets like their home to pay for care.


There are a few financial products that can help ease the financial burden of long term care:

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Long-term care insurance policies: LTC insurances provide coverage for various long-term care services, including nursing home care, assisted living, and in-home care.

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Annuities with long-term care benefits: Some annuity products offer riders that provide funds for long-term care expenses if needed, providing an additional source of income.

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Life insurance policies with long-term care riders: Certain life insurance policies offer riders that allow policyholders to access a portion of the death benefit to pay for long-term care expenses.

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Hybrid life insurance/long-term care policies: These products combine life insurance coverage with long-term care benefits, providing a death benefit to heirs/beneficiaries if the money is not used for long-term care expenses.

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Health Savings Accounts (HSAs): HSAs allow individuals to save pre-tax dollars specifically for qualified medical expenses, including long-term care services.

Planning for Long-Term Care Expenses

The costs of long-term care in Kansas City can vary depending on the type of care needed and the facility or service provider. On average, the costs range from $3,000 to $8,000 per month for assisted living facilities, and anywhere from $5,000 to $10,000 per month for a semi-private room in a nursing home. In-home care services, such as home health aides or homemaker services, tend to cost around $20 to $30 per hour. These costs fluctuate based on where you live in Kansas City, the level of care required, and any additional amenities or services provided.


Some people make the assumption that their standard health insurance plan will cover at least some of their long term care, but this is usually not the case. Because the cost is so great, it's important for seniors and their families to do research and plan financially for these potential expenses so they can afford quality long-term care when it is needed.

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Make The Best Decision For Your Care Needs & Financial Situation

To make the best decision for long-term care, start by assessing your personal care needs. Keep in mind your health status, mobility, and daily living requirements. Then based on your financial situation, you can determine how much you can afford towards long-term care expenses.


Carefully weigh the pros and cons of different payment options like long-term care insurance, savings accounts, government programs, and assistance from family members to make sure your plan aligns with your goals.


By planning ahead, you can find the best financial option for you, making sure you and your loved ones are financially secure and stress-free. For more information contact Family Shepherd today!

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FAQs

Have a question? We’re here to help.

  • What government programs are available to help with long-term care costs in Kansas City?

    Medicare provides limited coverage for skilled nursing care or home health services following a hospital stay, but it does not cover most long-term care expenses such as assisted living or ongoing custodial care. 


    Medicaid, on the other hand, may cover long-term care services for eligible individuals with low income and limited assets, including nursing home care and some in-home care services, although coverage varies by state. Patients must meet strict financial and functional eligibility criteria to qualify for Medicaid's long-term care benefits.

  • How to qualify for and access these government programs?

    Government programs like Medicaid vary from state to state and the laws can change over time. It can be dizzying to try to understand all the numbers and the paperwork, so it’s recommended that seniors and their families work with financial planners and Medicaid experts to make sure they get every dollar of assistance they qualify for. 


    Speaking to a financial planner and/or a medicaid/medicare expert is a great idea to understand what you are qualified for. For further guidance on medicare/medicaid, please contact us at Family Shepherd.

  • How does long-term care insurance work?

    Long-term care insurance provides financial coverage for a range of services needed for assistance with daily living, either in-home or somewhere like a nursing home or assisted living community. Those with a LTC policy pay premiums to the insurance company, and in return, the insurance company pays a predetermined daily or monthly benefit amount when care is required. 


    The policy typically has a waiting period before benefits kick in, known as the elimination period. There also might be a maximum benefit period or a cap on total benefits paid out over the policy's lifetime. Long-term care insurance aims to alleviate the burden associated with long-term care expenses, allowing seniors to receive the best care possible while preserving their assets and financial security.

  • How does health insurance work?

    Private health insurance typically covers short-term medical care needs, such as hospital stays, surgeries, and doctor visits, but it does not cover the long-term care services one receives in assisted living or a nursing home unless an additional Long Term Care Insurance policy is taken out. 

  • Are there other creative or alternative ways to finance long-term care?

    Reverse mortgages can be used to pay for long-term care by allowing homeowners aged 62 or older to convert a portion of their home equity into cash. This cash can then be used to cover long-term care expenses, such as home modifications, in-home care services, or assisted living facility costs. There may also be local investors who specialize in working with seniors that are willing to buy your home and then rent it back to you or assist you with some other form of creative financing.

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