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Long term care planning: Helping Illinois middle income earners

It's becoming more difficult for middle-income earners to stay afloat. Older Illinois middle income earners may find it especially difficult to shell out the needed funds that may accompany care in old age -- for things like housing and health care. By 2029, the oldest of the baby boomer generation will be reaching their early 80s which is the time when extended care may be needed. Long term care planning for these people likely has been a problem.

If these folks -- many of whom have earned a middle income wage in their lives -- don't have a home in which they've built up equity, they will find it extremely difficult to pay for the care they might need at some point. The cost of care is escalating. The average cost of care per month is $4,000 and even seniors who have Medicare may need to dig deep. Experts say one of the ways in which to help these seniors is for insurance companies to make premiums more affordable for those who are in their 50s.

Experts also suggest a public insurance program partially funded by the government may be a solution for middle income earners. In fact, without some form of government support, many older seniors won't be able to afford care at all. Even if baby boomers start saving in their 50s, they are likely to need additional financial support.

An Illinois attorney may be able to help his or her client set up some long term care planning goals, even those on a limited income. An attorney may be able to assist seniors and their families in going over options for long term care if a senior can't live independently. A lawyer can review a client's income and assets and come up with a care plan based on individual needs.

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