Most people don’t want to plan for the possibility of needing a nursing home or living facility, but planning ahead as an “in case” scenario could be extremely helpful. A new study has identified the least and most expensive places to live in terms of long-term care costs by analyzing the federal long-term care insurance program costs and care survey and the Genworth cost of care survey. They looked at data across in-home living, adult daycare, private nursing home, and private community and assisted living costs, finding an average cost of long-term care between $35,000 and $108,000 per year.
Unsurprisingly, nursing home care came in at the most expensive, with an average of over $108,000 a year annually. Louisiana had the most affordable long-term care expenses, followed by Missouri, Alabama, Mississippi, and Arkansas.
For those who wish to stay in your home and receive care, this cost can add up quickly. The average hourly cost for home care in California is $32.
Failing to plan for the potential of long-term care could lead to serious problems for your finances, particularly for spouses who have built up retirement savings to support both individuals. It can quickly decimate all of your savings nest egg when one or both parties needs long-term care assistance. Working with an experienced Medicaid planning attorney can be extremely beneficial for your future.
Most people don’t know that you can take certain legal steps ahead of time to minimize spending most of your savings on long-term care expenses. Working with the right lawyer can make a big difference and give you more of a plan in the event that you or your spouse need assistance down the road. Let our Pasadena elder lawyers help answer your questions and draft a plan for you.