Long term care costs could decimate your retirement planning if you don’t work out a plan to qualify for Medicaid in advance. Talking to an estate planning lawyer can help put you on the right path so that you or your spouse can tap into Medicaid sooner rather than later.
Many people don’t realize the true cost of long term care until it’s too late. When a loved one enters a nursing home and you hear the quote for a semi-private room, this can be a shock. It’s especially a problem for couples when one partner enters a nursing home and uses up the majority of the couple’s savings.
What happens if the other spouse needs care, too?
What happens when family members and friends are not able to provide the level of care your loved one needs?
A recent study found that the cost for homemaker services, such as tasks like running errands, cooking, or cleaning, increased by over 7% since 2018. And those are services you might hire directly rather than receive in a nursing home. Many families consider relying on these at-home services or assisted living to drop the cost, but not every person who needs long-term care will get enough out of those options if their condition is severe.
Many people want to stay in their own home as they get older, but they’ll need a plan and savings to do so if family is not around. The most expensive states for long term care in 2019 included Alaska, Massachusetts, Washington, D.C., Connecticut, Hawaii, Vermont, New Jersey, and New York.
If you live in these states or are thinking about moving there in retirement, now is the perfect time to speak to an elder law attorney about your options and how to best set yourself up for success.