Compare Costs, Types of Service in Your Area
The rising cost of long-term care, coupled with an increasing array of options, can make it difficult for families to find the best, affordable care. AARP provides a handy dandy calculator that can assist with that process by estimating the cost of long-term care. Options include expenses for care in a nursing home, assisted living facility or adult day care, and use of a home health aide or homemaker service.
You will simply select your state and region along with the type of care needed to get your estimate. You can even compare costs in one state and region with another. The calculator will give you a total cost estimate.
You can find the calculator HERE:
Half of people turning age 65 will require some type of long-term care in their lifetimes. On average women will need 2.5 years of care, while men will need an average of 1.5 years. The cost of nursing-home care in a private room has passed the $100,000/year mark, and in major urban areas, the cost of care can run much higher.
Even those who expect to rely on government resources if they develop a long-term-care needs should consider the financial implications of long-term care for their retirement plans. And those who expect to rely on their own resources or purchase some type of insurance to cover long-term-care expenses, should begin thinking weighing their options as early as 50, or younger.
We offer a wide range of information on long-term care planning which you can find on our website HERE. Most of all we recommend scheduling a consultation with Bob Michaels to determine the best solutions for you and your family situation.
Bob Michaels is extremely passionate about providing the best possible legal experience for his clients, and focuses his practice on elder law, estate planning, business, and real estate matters. Bob specializes in helping folks build a long-term care plan based on their circumstance. If you are considering a long-term care plan, schedule your appointment today!