Long-Term Care Costs: High and Rising - Duffy Law Office, PLLC

We are passionate about drawing attention to elder law issues because people who don’t understand the facts can experience some serious difficulties as senior citizens. It is important to go forward in an informed manner so that you can take the necessary steps to protect your own well-being and that of your family.

As a younger adult or even someone who has reached middle-age the thought of needing living assistance may seem foreign to you. However, the United States Department of Health and Human Services tells us that most senior citizens will eventually need some type of living assistance. And, four out of every 10 individuals who reach the age of 65 will eventually reside in a nursing home.

Each year the MetLife Mature Market Institute releases a survey that provides facts about the current state of long-term care costs in the United States. According to the most recent survey the average annual expense for a private room in a nursing home in the United States in 2012 was $90,520. This is a 3.8% increase over the 2011 figure of $87,235.

Assisted living community costs rose by 2.1% to $3550 monthly. This factors out to $42,600 per year.

According to the U.S. DHHS 10% of the people that do wind up residing in nursing homes remain in the facilities for at least five years. Five multiplied by $90,000 is quite a bit of money even as things stand today, and the costs have been rising every year.

Medicare will not pay for long-term care, but Medicaid will absorb these costs if you can qualify. However, it takes careful and informed planning to do so without losing everything that you own in the process.

Our firm has prepared a special report on the topic that you should definitely read if you want to know the facts. You can access the report by clicking this link and follow the instructions: Iowa Medicaid Planning Report

We urge you to read the report and subsequently contact us to arrange for a free elder law consultation if you would like to devise a comprehensive plan for aging.