As you are doing the math and projecting a budget for the latter stages of your life you would do well to be aware of the high and rising costs associated with long-term care.
First off, if you are under the impression that it is unlikely that you will ever need such care you may want to reconsider your stance. In fact most people who are fortunate enough to reach the age of 65 will eventually need living assistance, so this is something that is relevant to everyone.
According to statistics provided by the MetLife Mature Market Institute in 2011 the average cost for a single day residing in a private room in a nursing home in the United States was $239. This is a 4.4% rise over the 2010 figure of $229.
The typical length of stay would be anywhere from several months to a couple of years or more. This can add up to hundreds of thousands of dollars. And, if these costs continue to rise at a 4% to 5% rate each year between now and when you actually need long-term care the price tag could be much higher.
There are steps that you can take to prepare yourself for these expenses. Medicare will not pay for long-term care, but Medicaid will pay for it if you can qualify for the program. The purchase of long-term care insurance is another option.
Careful advance planning is the key to being able to handle the eventualities of aging. If you are ready to get started, take action right now to arrange for a consultation with a licensed and experienced Kirtland OH elder law attorney.
- Preparing for Coronavirus - March 31, 2020
- Beneficiary Designations and Other Non-Probate Transfers - February 24, 2020
- Estate Planning Conference DiscussesSECURE Act and More - February 17, 2020