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.
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.
- What You Need to Know about the Medicaid Look-Back Rule - January 3, 2023
- How to Pass Down Your Legacy in Your Estate Plan - October 3, 2022
- Practical Steps to Take after Receiving a Terminal Diagnosis - September 30, 2022
