If you want to be comprehensively prepared for the future you must be aware of all of the expenses that you may face as you reach an advanced age. It is important not to keep your head in the sand and simply hope for the best because when you are older you’re going to be less capable of responding to challenges than you are earlier on in your life. When you recognize what the future may hold and start making plans in advance you can move forward with confidence knowing that you are in a position to handle any and all eventualities that may come your way.
With this in mind, it is a good idea to pay close attention to the costs associated with long-term care. The United States Department of Health and Human Services tells us that 70% of people who reach the age of 65 are going to eventually need long-term care of some kind. Men who need this type of care generally require it for an average of 2.2 years; for women the figure is 3.7 years.
According to the MetLife Mature Market Institute survey for 2010, it would run you an average of about $39,500 to spend a year in an assisted-living community in the United States last year.
The national average cost for a day in a nursing home in 2010 was $229, and this factors out to around $83,500 annually. Nursing home costs rose 4.6% in 2010 over 2009 figures, and assisted-living facility expenses rose by an even higher rate of 5.2%. Industry analysts tell us that the cost of long-term care is expected to trend upward into the foreseeable future. So if you are anticipating a possible stay in a long-term care facility in 10, 20, or 30 years one can only imagine what the price tag will look like.
The good news is that there are things that you can do to prepare yourself if you plan ahead early enough. To explore your options, take a moment to arrange for a consultation with an experienced elder law attorney.
John’s practice focuses on the use of Wills and Living Trusts in Estate Planning to help individuals protect their families and preserve their legacies after their deaths, but his practice also focuses on the critical issues of protecting individuals with dementia or other diminished capacity, assisting individuals in qualifying for Medicaid and other government benefits to offset the costs of long-term care, and providing special needs planning.
John is admitted to practice law in North Carolina, South Carolina, Kentucky, and Ohio, and he is accredited by the Department of Veterans Affairs.
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