Have you thought about how you might potentially pay for a stay in a long term care facility, such as a nursing home? Many people hope to remain living in their own homes as happy and as healthily as they can, but unfortunately, the possibility of a disability, illness or sudden recovery event may prompt a stay in a nursing home. Inflation is rising at a significant pace, making it more and more challenging to appropriately plan for long term care coverage.
Without a plan in place, you might have to tap into your personal savings to cover the expenses required for nursing home care. For married couples, this could leave the healthy spouse with decreased savings. For anyone, it can put financial pressure on retirement plans and daily living needs.
Research from the most recent Genworth Cost of Care survey found that the median national costs for a private room in a nursing home facility is over $108,000. Care costs have surpassed at a pace much faster than overall inflation. Assisted living facilities, for example, increased their cost by over 4% per year, even though the social security costs of living adjustment only increased by 2.2%.
A recent poll identified that just under half of Americans aged 40 and above plan for Medicare to cover their long-term care needs but Medicare doesn’t cover the vast majority of long-term care expenses. This planning gap provides an important opportunity to carry out your next steps for planning. Contact an experienced and a dedicated lawyer to get your next steps in place. Our Pasadena law office can help.
