Planning for long-term care can be an intimidating process, especially when it comes to decoding the specifics of resources, like Medicaid and Veterans Pensions. Working with the help of an experienced elder law planning attorney allows people to prepare for the future and save time, money and stress.
You may be someone who looks forward to the day you retire, or you could be someone who plans on working for as long as possible. No matter which category you fall into, you should do some retirement planning in preparation for this major milestone.
Amid headlines of COVID-19 infiltrating nursing homes and large senior care facilities, it’s understandable that many Americans would prefer to avoid assisted living environments as they grow older. However, the trend to age in place predates the pandemic. Remaining at home was the first choice for 76% of Americans age 50 and older, according to a 2018 AARP survey.
Nursing homes are expensive with an average cost in the United States of $7,698 per month (2020 average). Most people cannot afford this expense, but they are in desperate need of the services provided by nursing homes (long-term care facilities).
Did you know that 70% of adults over the age of 65 are predicted to need some type of long-term care for an average length of three years? While thinking about your future, you’ve likely already planned financially, but have you considered your long-term care options?