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States with the Best Elder Care Protections

As people age, it becomes increasingly difficult for them to tend to their daily needs, healthcare requirements, and carry out routine tasks. Investing in retirement accounts like an individual retirement account (IRA), a 401 (k) account, and a pension fund etc. is undoubtedly a crucial step in financial planning. But another equally important step is to understand a state’s elder care protection program and make it a vital part of retirement planning.

What is elder care?

Elder care refers to the protection and assistance that is offered to the senior members of the country. It is also referred to as senior care. It usually includes hospital care, home care, adult day care, nursing, or hospice services for the elderly. It is designed to help older people who are battling serious health conditions and unable to take care of themselves.

What are the types of elder care available in America?

  • In home care: This includes help for in-house chores like cleaning, cooking, gardening, etc. This can also include assistance with taking a bath, dressing etc.
  • Adult care: These programs are meant for people who wish to socialize and engage with other people. This is ideal for families where other members work during the day and need someone to look after the elderly during work hours. It also allows older people to participate in educational or recreational programs and be productive.
  • Independent living: These programs give senior citizens an opportunity to live independently.
  • Nursing care: This is meant for senior citizens who require round the clock care and attention. Nursing care offers services of doctors, nurses, and other medical professionals to take care of the healthcare needs of elderly patients.
  • Dementia care: This is similar to nursing care but is specifically meant for patients of with Alzheimer's disease or other similar ailments.

What are the best states for elder care?

  1. Virginia
  2. Virginia is one of the best states for senior citizens in America. It has a host of top hospitals and Medicare-registered healthcare professionals. The state has approximately 1117 senior living providers out of which 626 are assisted living facilities. Virginia also enjoys considerably lower taxes which makes it a pensioner’s paradise.

  3. Hawaii
  4. Hawaii offers close to 38 assisted living facilities to the elderly with 96 senior housing facilities. The warm climate of the region is a plus for retirees and makes for a nice place to spend one’s golden years. Although the area’s income taxes are a bit high, the state does offer Social Security exemption to offset the burden of income tax.

  5. Oklahoma
  6. Oklahoma has over 54 home care agencies with the costs ranging as low as $120 to $200. The median cost per hour for home care agencies in the region stands at $20. The standard of living in the area is among the lowest in the country. The state also has relatively low tax rates. The costs of nursing, health care, independent living, and adult day care are also quite affordable in the state.

  7. Florida
  8. Another warm state to make it to the list is Florida. The state provides many tax advantages for senior citizens aged 65 or more. Miami alone has 68 independent living communities that cost anywhere between $16 and $145 per day. The monthly cost of independent living is as low as $550 per month. The state also has more than 1,000 golf courses and many spectacular beaches where retirees can relax. In addition to this, the state’s healthcare services are among the best in America.

  9. Texas
  10. The state of Texas offers excellent tax exemptions to senior citizens. For example, Texas charges no property state tax from its residents. The state also has some of the best hospice facilities in the nation. There are over 54 institutions in Dallas with an average daily expenditure of $153. The state also provides Medicare, Medicaid, Social Security, and Supplemental Security Income to its older population based on their income levels.

  11. Maryland
  12. Maryland was ranked as the second state with the best median income for senior citizens. The state also has the 15th highest life expectancy in America. Moreover, Maryland proudly flaunts some of the best medical institutions in not just the country but also around the globe like John Hopkins, Sinai Hospital, and Mercy Medical Center. The cost of living is on the higher end, but residents over the age of 65 can claim a personal exemption of $1,000.

  13. Colorado
  14. With the 9th highest life expectancy in the nation, Colorado ranks pretty high on elder care. The state has the 10th highest median income and has over 545 assisted living facilities, 365 nursing facilities, 104 retirement rooms, and 937 senior housing providers.

  15. Kansas

31% of the state’s population is above the age of 55, this nearly makes up for one third of its residents. The state enjoys a moderate climate making it ideal for older people. There are over 248 independent living facilities and 423 nursing homes in Kansas. The cost of living is affordable, with a low national average of elder care costs. Kansas also offers Social Security exemption for senior citizens with an adjusted gross income of $75,000 or lower. Moreover, there are no estate or inheritance taxes in the state.

To sum it up

The decision to retire in a particular state can be a tough one. It largely depends on a person’s likes, dislikes, and family members. However, factors like retirement income, health conditions, and tax liabilities are also essential considerations that need to be paid attention to, before picking a place to retire. Ageing is inevitable, which is why one must be well aware of the elder care services available in their state of residence. One must plan their retirement while keeping in mind these costs.

Are you nearing retirement and need help in picking out a state to settle in? You can reach out to Financial Advisor and understand the tax exemptions, elder care costs, and Social Security benefits of each state in America.

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