The 65-year-old and over segment of our population is growing, and growing faster than those under 65 years old. From the year 2000 to 2050, those in the age group of 65 years of age and older will grow by 147%, while those younger than 65 will only grow by 49%. Moreover, on average, 2 out of every 5 persons 65 years of age or older will need some type of long-term care. If you don’t have the proper planning in place, the high cost of care can force you out of your own home and into a nursing home. I think it is fair to say this is a result that none of us want. Forty percent of us will need some type of long-term care, so all of us should plan.
Long-term care is a variety of both medical and non-medical needs that are performed for us by another. The needs could include help with cooking, eating, cleaning, dressing, bathing, mobility, or medical care provided by a skilled nurse. This assistance may be provided either in your own home, or in an assisted living facility, or at a nursing home.
There is no simple answer other than to say it can cost a lot. The cost will depend on the amount of care required. Is it just help cleaning and cooking? Or does the person require 24-hour care? Towards the lower end, the cost can easily be several thousand dollars per month. Health insurance and Medicare does not cover long-term care in your home, assisted living facility, or nursing home.
The good news is that there are a couple of options available to help us plan for long-term care. Everyone’s situation is different, so I strongly suggest you consult an attorney to discuss options more fully. Some options include:
As you can see, some of these options are more desirable than others, and some may be out of reach. These and other options will be discussed in future blogs. Thanks for reading.
Please feel free to give me a call today and we can review your situation and other Estate Planning goals. Everyone’s situation is different, and I can help create solutions.
See lots of estate planning information on my website at: www.myestate-plan.com
William Daniel Powell (Dan)
Also, please remember that I speak in generalities in my blog and my website. There are so many different factors that can contribute and completely change the outcome that it would be impractical to discuss all of them here.