The words "affordable" and "retirement" aren't often used in the same sentence, and the fluctuating costs of senior care makes families anxious. Planning for your loved one's financial security is best started earlier rather than later and learning about all the different types of care, and the type of care your senior may need, will help you. You should also find out if your loved one has any existing coverage through insurance or retirement funds that might help pay for future senior care.
The New Mexico Educational Retirement Board provides benefits for qualifying New Mexico retirees, but also maintains a helpful website with relevant information on those planning a retirement in New Mexico. The Public Employees Retirement Association is a great tool for retired employees of the state.
Long-term care is expensive so it is important to understand the costs for different types of care. According to Genworth Financial, the median costs of different types of long-term care in New Mexico are as follows:
- Assisted Living (private, one bedroom): $42,000
- Nursing Home (semi-private room): $67,645
- Nursing Home (private room): $75,526
Senior Care Guide: Care.com's comprehensive guide to senior care that helps readers understand senior care options by describing each option in detail and answering frequently asked questions.
For more information on senior healthcare, visit our Articles and Resources page.
Looking for quality elderly care in New Mexico? Check out the local pages below.Santa Fe