Long term care planning necessary for unforseen events

| Nov 11, 2019 | long term care planning

Many have said that getting older is a privilege. But advancing age may come with the need for extra care and that costs money. The need for long term care planning for Illinois residents has never been more crucial since more than half of those aged 65 or older will have long term care costs. Statistics from the U.S. Department of Health and Human Services’ Administration on Aging show that men will need help in old age for more than two years, while that number is nearly four years for women.

Nursing home costs are escalating and the cost of a private room is now more than $100,000 annually. For those who choose in-home care, a health care aide is more than $50,000 a year. Although Medicare does help somewhat, it will not usually cover custodial expenses, which could mean that a retiree’s savings could be wiped out pretty quickly. Such people may end up on Medicaid, which could pay for up to half of nursing home or custodial care, but it’s usually not enough.

Although the financial outlay for long term health care insurance may seem daunting, it is almost a necessity for most people. All Illinois residents need a plan as they progress into their retirement years. People are living longer and are more apt to need extra help even with the menial tasks like getting dressed, bathing and eating. Long term care insurance where both partners are 55 years of age is a little more than $3,000 a year — an assurance for impending old age.

An Illinois attorney can sit down with a client and go over his or her concerns about long term care planning and help come up with a personalized plan. It is better to be prepared as the golden years approach. A lawyer may also be able to offer information on how to protect assets as part of the long term care planning process.