The results of the brand-new 2012 MetLife Mature Market Institute survey on the state of long-term care costs have been made public. Not surprisingly, the cost of residence in nursing homes and assisted living communities throughout the United States continues to rise.
Before we share some of the statistics we would like to emphasize how important it is to plan ahead for these potential expenses.
Medicare will not pay for an extended stay in a nursing home or assisted living community. And, if you are under the impression that it is unlikely that you will ever need living assistance, in fact most people who attain senior citizen status will need help with their day-to-day needs eventually.
In 2012 the average daily charge for a private room in a nursing home in the United States rose from the $239 2011 average up to $248. This is a 3.8% increase.
Here in Indianapolis the average is slightly less at $237 per day.
The average cost of residence in an assisted living community nationally rose by 2.1% to $3,550 monthly. In Indianapolis the average monthly charge has been $3,161 this year.
These figures are considerable as they stand today, but if you are perhaps 20 or 30 years away from needing long-term care you could be looking at a much larger expense.
There are things that you can do to prepare yourself, such as taking the necessary steps to obtain Medicaid eligibility.
The best way to gain an understanding of how to proceed would be to sit down and discuss the future with a licensed and experienced Indianapolis elder law attorney.
Paul A. Kraft, Estate Planning 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.
Latest posts by Paul A. Kraft, Estate Planning Attorney (see all)
- How Do I Know If My Estate Has Enough Liquidity? - July 22, 2019
- Can’t I Just Transfer Assets to My Adult Child If I Need to Qualify for Medicaid? - July 19, 2019
- What Type of Will Is Best for Me? - July 17, 2019
