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Writer's pictureStefanie Krumke
May 52 min read

Skyrocketing Nursing Home Costs: How Miami Families Can Protect Their Loved Ones AND Their Finances



A recent CBS News article reveals a startling truth: the cost of nursing home care is skyrocketing, placing a huge financial burden on families.  Here's a closer look at what this means for South Florida:

  • The Price Tag:  Nationally, a private room in a nursing home averages over $10,000 per month – that's $120,000 per year! These costs are only expected to keep rising.

  • The Miami Challenge: Our region's higher cost of living means these already staggering expenses hit Miami families even harder.

  • Depleting Resources:  For many seniors, paying for nursing home care can quickly drain retirement savings or money intended for their family's future.


But knowing there's a problem is only the first step.  We want to empower you with solutions.  Here's a breakdown of expert advice and how to tailor it to Miami:


1. The Power of Planning: Long-Term Care Insurance

  • Understand the Options: Stand-alone policies focus solely on long-term care, while hybrids combine coverage with life insurance, potentially offering more flexibility.

  • The Miami Factor:  Don't wait!  Our region's large senior population can impact policy availability and pricing. The earlier you explore coverage, the more likely you are to secure affordable premiums and avoid being denied due to health changes.

  • Local Expertise Matters:  Insurance can be complex.  Work with an agent specializing in long-term care who understands the South Florida market.


2. Shared Rooms: Savings & Social Benefits

  • Cost Difference: A semi-private room can save thousands per year.  Many facilities offer comfortable shared spaces.

  • Fight Isolation: Companionship is crucial for seniors' mental and physical health.  Don't underestimate the value of having a roommate for friendship and support.


3. The In-Home Care Advantage

  • Affordability & Personalization:  In-home care is often more cost-effective than nursing homes AND allows your loved one to age in the comfort of their own home.

  • Golden Companions: We go beyond tasks.  Our caregivers are selected for warmth and their ability to connect, providing mental stimulation and preventing the decline that can lead to costlier care needs.

  • Respite for Caregivers:   If you're the primary caregiver, in-home help prevents burnout, allowing you to continue providing care and potentially avoiding a nursing home placement for your loved one.


4. Navigating Medicaid in Florida

  • Understanding the Rules:  Eligibility is based on income AND assets.  Florida has specific limits, and even slightly exceeding them can be a barrier.

  • The "Spend Down":  This strategy allows you to use some assets for medical expenses to eventually qualify for Medicaid.

  • Don't Go It Alone:  A financial advisor specializing in elder care can create a plan that protects your assets to the fullest extent possible and guides you through the complicated Medicaid process.


We're Here to Help: Because Cost Shouldn't Dictate Care

At Golden Companions, we believe every Miami family deserves access to quality care, regardless of financial circumstances.  Contact us for a FREE consultation:



We're committed to helping you find the best, most sustainable long-term care solutions for your unique situation!

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