The average American underestimates the cost of in-home long-term care by almost 50 percent, according to a shocking study published by Genworth in 2016. Approximately 30 percent of Americans anticipate home health care expenses to be around $417 a month. However, the national median rate is about nine times that: $3,861 per month for an in-home aide or $3,813 per month for homemaker care (that’s hiring someone to handle household tasks such as cooking, cleaning and running errands), according to Forbes Magazine.
As you can see, having a realistic, detailed plan to cover long term care is absolutely critical. Being prepared will allow you to protect your hard-earned money from the extremely high cost of long-term care. Having a plan in place could mean the difference between you staying in your home rather than moving to a nursing facility, or paying for top-notch treatment without wiping out your life savings.
Speak to a Professional
Purchase Long Term Care Insurance
Consider a Caregiver Contract with Children or Others in Place
Get Good, Detailed Legal Documents in Place as Soon as Possible
Below is a list of helpful resources you can use for your plan:
It is never too soon to begin Long Term Care Planning. It is critical to have some type of long term care plan when you or a loved one needs help with daily activities (e.g., eating, dressing, bathing, toileting, transferring, and walking) or instrumental activities of daily living (such as cooking, cleaning, caring for pets, paying bills, and managing finances). This type of planning MUST be started while you are still mentally capable of making legal and financial decisions. Take action today by speaking with an attorney at InSight Law. Our team is ready to help you and your family with your long term care planning needs.