Over the past two decades, long-term care has rapidly become one of the biggest expenses for American seniors. Even if you have a sizable nest egg saved up, your funds could be quickly depleted if you need any type of long-term custodial care, whether it is home health care or a stay in a nursing facility. If you are not prepared to cover long-term care expenses, your golden years may not turn out how you planned. Eldercare Attorney Robert Slutsky has been practicing law for almost 30 years, so he knows exactly how long-term care expenses can turn your retirement plans upside-down. Here is more information from Slutsky Elder Law about planning for long term care as you age:
How Much Does Long-Term Care Cost?
According to the Genworth Cost of Care Survey for 2021, 10,000 Americans will be turning 65 every day until 2030, and 7 out of 10 of them will require long-term care at some point in their lifetime. Depending on where you live, long-term care expenses can be astronomical. The national median cost of a private room in a nursing facility is over $108,000 per year. Hiring a home health aide is more affordable, but the median national cost of that type of care is still over $61,000 per year. In the Philadelphia area, those costs are even higher. The annual median cost for a private room in a nursing facility is well over $154,000, and a home health aide will cost about $64,000 per year. Because these figures are median costs, your actual long-term care expenses could be significantly more.
Preparing for Long Term Care Expenses
While long-term care expenses are high – and getting higher every year – there are some steps you can take to make sure you can cover them no matter what happens. The first step is to speak with an elder law attorney in Montgomery County, PA like Robert Slutsky. While he does not personally sell long-term care insurance, he can advise you how to plan for your future, discuss possible insurance options and educate you on Medicaid which is the single largest payor of long term care costs in the United States. He can tell you how to access Medicaid and protect your spouse and family while preserving more resources. Without long-term care insurance, you could be paying your skilled care expenses 100% out of pocket. Even if you have a nest egg saved more than $1 million, those funds could easily be exhausted in 6 years or less, depending on the cost of your care. Robert Slutsky can also provide the legal and care advice you need and, just as importantly, guide you through a very complex system of benefits so you are prepared. If Medicaid is needed Rob can tell you more about the various steps you can take to ensure your application is successful and if the value of your assets is too high, how you can spend them down to qualify for Medicaid that benefits your family.
If you need the advice of one of the most experienced elder care attorneys in your area, Robert Slutsky has offices in Montgomery County, Chester County, and Delaware County, PA. Call (610) 940-0650 or fill out the online form on our contact page to schedule your initial consultation about long-term care or about any other elder law topics that may concern you.