There are a lot of things to consider when you are engaged in long-term financial planning. Intelligent planning is going to require making budget projections and this can be challenging when you are looking decades into the future.
Information gathering is key, and with this in mind you would do well to be cognizant of the current state of long-term care costs. Last year the average cost for a year-long stay in a nursing home in the United States reached $87,200 if you wanted to stay in a private room. The same interim residing in an assisted living community would run you $41,700 on average.
Clearly, most people are going to have to budget ahead carefully to be prepared to absorb these costs while retaining a robust legacy. One option is to plan for the future with the expectation of paying for long-term care out-of-pocket and some people are in a position to do this.
Others will seek alternatives and one of these would be to angle toward Medicaid eligibility. Medicare does not pay for long-term care but Medicaid will if you can qualify.
Another option would be to purchase long-term care insurance. The younger you are when you purchase the insurance the less expensive it is and this is something to keep in mind.
The best way to decide how to proceed with regard to making preparations for long-term care expenses is to obtain the advice of an expert. If you’re ready to do so, simply take a moment to pick up the phone to arrange for a consultation with a good Indianapolis elder law attorney.
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.