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Get the free Financial and Statistical Report for Long-Term Care Facilities - hfs illinois

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This document is a detailed financial and statistical report required by the State of Illinois Department of Public Aid for long-term care facilities. It includes data on operational expenses, statistical
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How to fill out financial and statistical report

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How to fill out Financial and Statistical Report for Long-Term Care Facilities

01
Gather necessary financial data including income, expenses, and investments.
02
Compile statistical data such as resident counts, service utilization, and staffing levels.
03
Complete the required sections of the report according to the guidelines provided by regulatory authorities.
04
Double-check calculations for accuracy and ensure all required documentation is attached.
05
Submit the report by the specified deadline to the appropriate regulatory body.

Who needs Financial and Statistical Report for Long-Term Care Facilities?

01
Long-term care facilities seeking funding or reimbursement from government programs.
02
Regulatory agencies monitoring compliance and operational effectiveness.
03
Investors and stakeholders evaluating the facility's financial health.
04
Management teams for internal assessments and strategic planning.
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ing to their national study of long-term care providers: 38.6% of nursing home residents are older than 85. 26.7% of residents are between 75 and 84.
So, 35% will use their coverage and 65% will not. As you might assume, the decline is because during those first 90 days, some people will recover and some will die.
In the U.S., long-term care costs individuals and their families thousands of dollars annually, with nursing home care often costing more than $100,000 a year (Exhibit 1). Given that many who use these services will need it for at least one year, costs can quickly become burdensome.
ing to Genworth's estimates, the median cost of a private room in a nursing home is $339 per day or $10,326 per month in 2025. Semiprivate rooms are more affordable, with a median cost of $302 per day or $9,197 monthly.
Homemaker Services Costs By State StateHome Care Median Hourly RateHome Care Daily Rate / 8 hours California $38.19 $240 Colorado $37.13 $233 Connecticut $32.89 $207 Delaware $25.46 $16048 more rows
Consider the national median costs for long-term care services²: $255 a day(or $7,756 per month) for a semi-private room in a nursing home. $290 a day (or $8,821 per month) for a private room in a nursing home. $141 a day (or $4,300 per month) in an assisted living facility.
Long-term care Long-term supports and services can be provided at home, in the community, in assisted living, or in nursing homes. Individuals may need long-term supports and services at any age. Medicare and most health insurance plans don't pay for long-term care.
How much is long-term care insurance? ing to the 2024 American Association for Long-Term Care Insurance (AALTCI) annual Price Index survey, the average annual premium for a $165,000-benefit policy with no inflation protection is $950 for a single male (age 55) and $1,500 for a single female (age 55).

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The Financial and Statistical Report for Long-Term Care Facilities is a document that collects financial and operational data from long-term care facilities to ensure compliance with regulatory standards and to assess the financial viability and quality of care provided.
Long-term care facilities that receive funding from government programs, such as Medicaid or Medicare, are typically required to file the Financial and Statistical Report.
To fill out the Financial and Statistical Report, facilities must gather accurate financial data, operational statistics, and resident information, then input this information into the designated formats and submit it by the required deadline.
The purpose of the Financial and Statistical Report is to provide transparency and accountability regarding the financial operations of long-term care facilities, aiding in regulatory compliance and quality improvement efforts.
Facilities must report various types of information including total revenues, expenses, number of residents, staffing levels, and other operational statistics pertinent to the services provided.
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