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Costs of Long-Term Care Rise Again

The results of the annual MetLife survey of long-term care costs have recently been released ( www.metlife.com/assets/cao/mmi/publications/studies/2011/mmi-market-survey-nursing-home-assisted-living-adult-day-services-costs.pdf). The survey gives a state by state listing of the average costs of care for a nursing home, assisted living community and adult day services. This year’s results contain unwelcome news for people who need or will need this care – the costs are increasing.

The national average cost for a private room in a nursing home increased 4.4% to $87,235. The national average cost for assisted living increased 5.6% to $41,724 annually and the national average cost for adult day services increased 4.5% to $70 per day. These numbers are staggering for most people. You can save for your later years your whole life and not be able to absorb these types of costs without some help.

Help can come in many forms. If you are healthy enough, you may be able to receive help in the form of a long-term care insurance policy. This industry has exploded with various options and ways for people to get the insurance coverage they need so if you haven’t looked at long-term care insurance lately, or you have never looked at it, do yourself and your family a favor and research your options. Don’t wait for tomorrow, do it today.

If you can’t qualify for long-term care insurance and you aren’t independently wealthy, then you may have to turn to government benefits in the form of Medicaid or Veterans Administration benefits to pay for your long-term care. Don’t make the mistake of confusing Medicaid with Medicare. Most people will qualify for Medicare at age 65 but Medicare doesn’t pay for custodial long-term care needs. That cost is covered by Medicaid and Medicaid has strict asset and income qualification limits.

These survey results are a wake-up call for all of us. If you have the option to plan ahead, grab it and count your blessings that you have time on your side. The sooner you face the fact these costs could happen to you, the better your chances to be prepared with a plan of your choosing rather than a plan you have to accept by default.

  • Why Choose
    Our Firm?

    We limit the number of clients that we have at one time, allowing us to focus on your case.

    Personalized Representation
  • Know the
    Benefits

    Find out if you and your family can benefit from our elder law planning services!

    More Information
  • Dedicated & Experienced

    Our firm exclusively handles elder law concerns so your family can obtain peace of mind.

    Meet Your Attorney
  • Complimentary Consultation

    Let us help. Request your consultation today and we will be in touch.

    Contact Us Now

Contact Us

Edwards Elder Law, P.A.
St. Petersburg Elder Law Attorney
Located at: 2510 1st Ave. N.,
St. Petersburg, FL 33713
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Phone: (727) 755-5808
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