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How long-term care costs are increasing

On Behalf of | Feb 3, 2021 | Estate Planning

Contemplating your own mortality can be difficult, especially when you’re worried about how you’re going to afford the long-term care you may need.

Unfortunately, the costs associated with long-term care continue to rise at a steady clip, generally outpacing the ability of the average individual to afford them.

How costs are increasing

According to the most recent studies, the cost of nursing home care or a room in an assisted living facility has increased over the last few years at a rate that is roughly two or three times the annual rate of inflation. Right now, even a semi-private room in a nursing home costs roughly $245 per day. A private room, naturally, is even more costly.

That’s bad news for the roughly 60% of seniors who need assistance staying mobile and help with their daily life activities, like bathing, eating and dressing. As the number of Americans who fit that definition continues to rise, the people who will likely be most unprepared are those in the middle class, with modest incomes and assets.

Planning for your future takes work

Crafting an effective estate plan means thinking about the outcome you hope to see down the road and looking for contingency plans in case you need help as you age. Planning ahead for long-term care costs is something that you simply cannot afford to skip.

An attorney can help you understand how Medicare, Medicaid and your private insurance policies relate and explain the options you have for the future. For more information about our services, please continue reviewing our website or contact us directly.