A lot of people who have never looked into the subject are not concerned about long-term care costs. There are primarily two different reasons for this misguided perspective.
There are those who feel as though they will never need long-term care, because they have lived healthy lives. This is a rather shortsighted point of view.
If you think about it, if you have in fact taken good care of yourself, you will probably live a long life. As you get older, it becomes more likely that you will need long-term care. Plus, when you look at the facts, you see that seven out of every 10 seniors will someday need living assistance.
The other reason why many people are not concerned about long-term care costs is because they are under the impression that Medicare will pick up the tab if you require help with your activities of daily living at some point in time. Unfortunately, Medicare does not pay for custodial care, which is the type of care you would receive in a nursing home or assisted living community.
Rising Costs
If these statistics have gotten your attention, you should be aware of the state of long-term care costs. We practice law in the state of New York. There has been a survey conducted by Genworth Financial, and it is comprehensive. It examines the state of long-term care costs across the country.
During the current calendar year, the median annual cost for a one-bedroom unit in an assisted living community in the state of New York is $49,200 according to the survey. The median annual charge for a private room in a nursing home is $136,437.
These numbers are attention-getting to say the least, but there is more bad news to report. If you require nursing home care in 20 or 30 years, the numbers could be truly astronomical.
The Genworth survey also measures the anticipated cost trajectory. They predict a four percent per year increase in the median annual cost for a private room in a New York nursing home over the next five years. Assisted living community costs should rise by five percent per year according to the survey.
When you digest these figures, and you factor in the average length of stay, which is over two years, you can see that the costs could be staggering.
Nursing Home Asset Protection
Everyone should understand the lay of the land when it comes to long-term care, because inaction can cost your family a great deal. There are steps that you can take to protect your assets from devastating nursing home costs, but you have to act in advance in an intelligent and informed manner.
If you would like to explore your options, our firm can help. We offer free consultations, and you can contact us through this link to set up an appointment: Smithtown NY Elder Law Attorneys.
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