Top 5 Shocking Facts About Long-Term Care Planning
Long-term care planning seems fairly straight forward; however, there are some startling facts about planning for long-term care that many people don’t consider. Here are a few facts you should know before planning long-term care.
Fact 1: Long-Term Care Affects a Large Part of the Population
Roughly 70% of people aged 65 or older will require long-term care and/or home care support at some point. This startling fact really drives home the necessity for early planning of long-term care.
Fact 2: Nursing Home Stays Are Long and Expensive
The median daily cost for a private room in a nursing facility or nursing home was $240 in 2014, according to Genworth 2014 Cost of Care Survey. Also, the average stay duration at a nursing home in 2014 was 835 days, or a little over two years.
Fact 3: Family Members Can’t Care for Loved Ones Indefinitely
Some people think their family will take care of them in their old age, and around 78% of elderly individuals receive that care from a loved one. The fact is this care can’t be continued on a long-term basis. Family members want the best for their loved ones, but the type of care that is required truly needs to come from professional caregivers. Having a professional nursing home or other facility also reduces stress within the family.
Fact 4: Long-Term Care Insurance Covers More Than Just Nursing Homes
Many people do not want to even consider entering a nursing home, and some people are turned off by long-term care insurance thinking that this option only pays for nursing home stays. The fact is that long-term care insurance can sometimes cover an assisted living facility and in-home care, among other options.
Fact 5: Most People Don’t Consider Long-Term Care Planning Until It’s Too Late
Less than a third of Americans aged 50 and older have yet to start planning for long-term care. Why? Many consider themselves too young to worry about this necessity, and they may be right. But, if they continue to put it off, long-term care options continue to dwindle as time progresses.
How to Learn More About Long-Term Care
Long-term care can get pricy, especially if you don’t have a set plan in place. Long-term care planning should occur years before you or your family members actually need it, but keep in mind that it’s never too late to start the planning process. The Elder Law Firm PC has been helping Michigan residents plan for their long-term care for a number of years, and we can help you discover the best options for you and your loved ones. If you have a question regarding long-term care and want to separate fact from fiction, feel free to call us at (616) 840-3754 to learn more. Residents in the Grand Rapids area can also attend a free seminar led by attorney The Elder Law Firm PC several times a month. Each seminar teaches you the basics of Medicaid planning. Call to reserve your spot at this exciting and informative event.