Planning for expenses that you can accurately predict is hard enough, but when you are trying to figure out how much you can expect to pay for long-term care in perhaps 20 years or more you are really faced with a challenge.
The Cleveland elder law community has been quite concerned about the rising cost of long-term care for a while now and experts say that we can expect upward trending to continue into the future. Over the last couple of years the average annual cost of a stay in a long-term care facility has risen by around 4% to 5% each year.
The figures we are looking at currently are nothing to take lightly by any stretch of the imagination. Nationally it would cost you an average of $239 per day to spend time in a private room in a nursing home. If you multiply this figure by the number of days in a year the annual average is just over $87,200. And of course, some people require nursing home care for more than one year.
Imagine this figure going up by around 5% each year for the next 20 years. If this steady and consistent climb upward continues the cost of nursing home care in a couple of decades could be truly staggering.
You have options when it comes to preparing yourself for the possibility of being faced with long-term care expenses. Should you be interested in gaining an understanding of the strategies that are typically employed by geriatric experts simply take a moment to arrange for a consultation with a good Cleveland OH elder law attorney.