The costs associated with long-term care are worth paying attention to if you are engaged in planning for the future. The MetLife Mature Market Institute survey tells us that a year in an assisted-living facility in the United States in 2010 averaged over $39,000. The same period of time residing in a private room in a nursing home would run you over $83,000 on average nationally.
According to the United States Department of Health and Human Services some 70% of senior citizens will someday need some form of long-term care, with 40% of them residing in a nursing home at some point in time. With the average nursing home stay being upwards of 2 1/2 years, you’re potentially looking at some pretty hefty end-of-life expenses. How do you meet these expenses?
Long-Term Care Insurance
The purchase of long-term care insurance can provide you with the peace of mind that you need, but it must be noted that this type of coverage is quite expensive. The younger you are when you obtain coverage the more affordable it is, and this is something to keep in mind when you’re making plans for the future.
Veterans A & A
Veterans of the United States armed forces who have served at least 90 days on active duty with a minimum of one of these days taking place during a time of war may be eligible to receive the Veterans Aid and Attendance pension. Single veterans who need assistance with their day-to-day personal needs can qualify for over $1600 per month.
Many people are surprised when they hear that Medicare does not cover long-term care expenses, but Medicaid does under certain circumstances. You must meet the financial need requirements, but when you consult with an estate planning attorney you’ll find that it is possible to qualify while still retaining ownership of a significant amount of your personal property.