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What Americans Need to Know About the Rising Cost of Long-Term Care

February 2, 2017

Filed under: Long Term Care — Neel Shah @ 9:15 am

Do you have plans for what would happen to you if you were to become incapacitated? Many people are under the impression that long-term care is something that only older individuals need to consider. It is certainly true that a broad range of baby boomers and other elderly individuals have to think about their long-term care needs as it relates to their longevity and their healthcare concerns. However, anyone can be affected by a long-term care event. 

Consider that some of the claims paid out by long term care insurance companies affect those individuals in their 20s. Just one car accident could have significant repercussions for you.

This highlights the importance of not only having the appropriate long-term care insurance in place, given that the cost of a private nursing home room on an annual basis is edging closer to $100,000 a year, but it also highlights that it’s important for individuals of all ages to have critical healthcare powers of attorney and other documents that articulate who is eligible to make decisions on your behalf, should you become unable to do so. The right estate planning attorney can help you determine what documents are most appropriate for your individual situation.

The best way to plan for long-term care is to have a system in place in the event that something happens to you or someone you know. Consulting with an estate planning and elder law attorney may be the first step you need to take.

 

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