No one wants to think about aging, becoming infirm, or being unable to dress yourself, use the toilet, etc. This is why most surveys show that people would rather ignore long-term care planning rather than tackle the issue head on. This cannot continue. November is Long-Term Care Awareness Month and a spotlight needs to be placed on this incredibly important issue.
Long-term care costs have exploded in recent years, and are expected to continue to rise for the foreseeable future. For example, the median annual cost for a private room in a nursing home is projected to cost nearly $130,000 in 10 years, according to an article published by Morgan Stanley.
Here is a video from CBS News about the crisis in long-term care:
Do you have the financial resources to cover that kind of long-term cost? The expense of long-term care services may not be covered by Medicare or other medical plans. This is why you need to have a plan in place to protect you and your loved ones if the time comes for you be admitted to a long-term care facility or hire an in-home nurse.
Reach out to the team of experienced long-term planners at InSight Law today to set up a time to discuss this important issue.