If you knew you were likely to incur a large expense in the future, you would start making preparations to be able to handle this challenge as soon as possible. With this in mind, you would do well to understand the fact that most senior citizens are going to need long-term care at some point in time.
There are those who go forward with an underlying sense of security because they are under the impression that Medicare will provide the safety net that they need during their senior years. While it is true that Medicare is helpful, it does not pay for everything in its entirety. There are out-of-pocket expenses that you must be aware of as you are budgeting for the future.
In addition, there is no provision within the Medicare program for paying nursing home expenses. Given the fact that the majority of seniors will eventually need living assistance, this is a very big deal.
Nursing home charges are considerable. The MetLife Mature Market Institute tells us that the average daily charge for a private room in a nursing home in America last year was $239. This figure is considerably higher in the greater San Francisco Bay area.
Long-term care costs are rising annually, and this is something else to take into consideration if you are making preparations for a possible stay in 20 years or more.
This is a pressing issue within the geriatric community and it is something to take very seriously when you are making preparations for the eventualities of aging. The wise course of action would be to sit down and discuss your options with a licensed and experienced San Jose elder law attorney.
- Litherland, Kennedy & Associates Law Firm Team Joins 2021 Walk to End Alzheimer’s - September 20, 2021
- It’s Important to Have a Coordinated Estate Plan - August 11, 2021
- Trust Administration Frequently Asked Questions (FAQs) - July 29, 2021