When Ashland KY elder law attorneys assist clients who are preparing for the costs of aging, they look in particular at potential long term care costs. If you have not done any research into the subject, you may be quite shocked to hear just how expensive this care has become in the United States.
Genworth’s Cost of Care Survey summarizes the long term care costs in America. If you had spent a single day in a private room in a nursing home in the United States in 2018, the national median cost you would be facing was $275. If you do the math and multiply $275 by the 365 days that are in a year you’re looking at figure that exceeds $100,000.
Assisted living community charges have continued to grow as well. In 2018 the national median cost for a year long residence in an assisted living community in the United States was $48,000.
Medicare does not pay for long-term care and this is something that is important to understand. There are ways to prepare yourself for these costs however, and the best way to explore your options is to sit down and discuss your future with a licensed and experienced eastern Kentucky elder law attorney.