You might assume that you are still in relatively good health and facing low chances of being put inside a nursing or retirement home. However, new information shows that more than 50% of Americans between the ages of 57 and 61 will spend some time in a nursing home.
That’s according to the RAND Center for the Study of Aging. According to that study, the reason for the increase in the number of people in nursing homes has to do with hospitals discharging people faster and increasing the stays in post hospital rehabilitation centers.
Once someone has been in the hospital for 3 days, Medicare will cover the cost of post hospitalization rehab for up to 20 days and then a portion of the cost for up to 100 days. With more than 56% of people between the ages of 57 and 61 spending a minimum of one night in a nursing home during their lifetime, this study found that 32% of them will pay anything out of pocket.
Anyone with 4 or more children spent about 38% less in nursing home costs than those without children and having daughters was also linked to a decrease in the nursing home cost overall. If you have questions about how long term care, estate planning, and retirement planning work together to help you accomplish your goals, contact an experienced New Jersey estate planning lawyer today.