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 the fact 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 the MetLife Mature Market Institute puts out a survey that breaks down the costs associated with long-term care. The 2011 figures are in and the latest survey has been released.
In 2011, the average daily charge for a private room in a nursing home in the United States was $239 (in California, the average daily charge was even higher at $301). In 2010, this number was $229, so this is a national 4.4% increase. If you multiply this number by the 365 days in a year, you’re looking at an annual national average expense of $87,235 ($109,865 in California).
The cost of a month-long residence in an assisted living community in the United States in 2011 averaged $3,477 (in California, this average figure is even higher at $3,838 per month). This represents a 5.6% increase over the $3,293 that was the national average for 2010. Annually, this works out to $41,724 (in California, the annual average is $46,056).
The cost of long term care is considerable. Preparation is key, and if you would like some professional advice regarding how to pay for long-term care, arrange for a consultation with a qualified and experienced elder law attorney. Our offices are located in Campbell, California, California and we can be reached at (408) 356-9200 or (831) 476-2400.
- Living Trust Bank Accounts and FDIC Insurance (VIDEO) - March 21, 2023
- Show Your Love by Creating an Estate Plan - March 3, 2023
- The Importance of Having an Estate Plan - February 17, 2023
