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?
Long-term care providers could soon have access to a newly developed tool that can accurately predict the life expectancy of dementia patients.
No one likes to think about needing long-term care. Yet the reality is that many people will, at some point in their life.
According to www.longtermcare.gov, 28% of people aren’t planning for future nursing home care because long-term care costs are so high, and 45% of people simply don’t know how to plan. My own experience with both advisors and clients reflects this. As a long-term care planning attorney, this is concerning to me: there are many, many options for planning for future long-term care needs, but people don’t know they exist! This is a significant problem, but there’s a solution available if we know why the problem exists. [Read More]