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More things to consider about long-term care planning

On Behalf of | Oct 26, 2020 | Estate Planning

Many people will need long-term care as they age. Around 70% of individuals who are 65 years old will need to use some form of it at some point. But, long-term care needs aren’t limited only to those who are within that age group. Around 41% of people who need long-term care are 18 to 64 years old. 

Some people who need long-term care for an injury, illness or the normal effects of aging will have a family caregiver instead of going into a nursing home. While this is a viable option for many, not everyone has family members who can support them in that manner. The cost of long-term care in Georgia is considerable. Genworth notes that in 2019, the median monthly cost of various care options in the state looked like this: 

  • In-home homemaker services: $4,290
  • In-home home health aide: $4,385
  • Community adult day health care: $1,625
  • Assisted living facility: $4,051
  • Nursing home private room: $8,517
  • Nursing home semi-private room: $7,513

As you can see, this is costly care, especially for people who don’t have a huge nest egg to cover the care. The costs of these services can go up considerably in some cases. For example, individuals who need memory care services for Alzheimer’s disease may pay a much higher rate for the care they need.

Sometimes, long-term care planning may help to reduce these costs if it’s done properly. Utilizing asset protection trusts and similar options might be beneficial for some individuals. Discussing strategies with your attorney can help you to determine what’s in your best interests. Long-term care planning is key to protecting your assets and your family’s future.