Members of the elder law community are becoming increasingly concerned about the high and rising cost of long-term care. People are living longer than ever before, with the oldest among us being the fastest growing age group. Most people who reach senior citizen status will indeed need long-term care at some point in their lives; therefore, this is something that is relevant to all of us.
It is important to understand that Medicare does not cover long-term care costs. With this in mind, careful long-term planning is essential, especially in light of just how high these costs have become during our current era.
Every year, Genworth conducts a Cost of Care Survey that breaks down the costs associated with long-term care. The 2016 figures are in and the latest survey has been released.
In 2016, the average daily charge for a private room in a nursing home in the United States was $253. In California, the average daily charge was even higher at $307, and higher still for San Jose at $378 per day. The survey cites the annual average expense for a private nursing home was $92,378 nationally, $112,055 in California and $137,788 in San Jose.
The cost of a month-long residence in an assisted living community in the United States in 2016 averaged $3,628. In California, this average figure is even higher at $4,000 per month, with monthly costs in the San Jose area of $4,500. Annually, this works out to $43,536 nationally, $48,000 for California, and $54,000 in the San Jose area.
The cost of long term care is considerable. Preparation is essential, and proper Medi-Cal planning can help. If you would like some professional advice regarding how to pay for long-term care, arrange for a consultation with a qualified and experienced Medi-Cal Planning and Elder Care law firm. Our offices are located in Campbell, California, California and we can be reached at (408) 356-9200 or (831) 476-2400 or Contact Us Online.
- It’s Important to Have a Coordinated Estate Plan - August 11, 2021
- Trust Administration Frequently Asked Questions (FAQs) - July 29, 2021
- Attorneys Justin M. Kennedy and Maggie A. LaBranch-Gonzales Selected as 2021 California Rising Stars - July 22, 2021