Paying For Long Term Care
Modern technology has significantly extended our average life expectancy as a society. But, while we have become skilled at keeping bodies alive, we are not so good at keeping the mind intact. Illnesses such as Alzheimer’s and Parkinson’s rob seniors of their mental faculties at an alarming rate.
In 2016, there were approximately 30,000 people, 65 or older, that had been diagnosed with Alzheimer’s Disease. By 2025, Utah will have an estimated 42,000 people 65 or older with Alzheimer’s Disease. In the U.S., there are over 5 million people living with Alzheimer’s Disease.
At the same time, long-term care costs continually increase each year. In Utah they have been increasing at the rate of about 3.34% % per year over the last five years. Consider the following based on 2016 nursing home cost figures:
- The average cost of care for a semi-private room (usually two patients) nursing home stay was $185.00 per day for an annual cost of $67,525.00.
- For a private room, the annual nursing home cost was $63,975.
- In the Ogden to Clearfield area, however, the average cost of care for a semi-private nursing home stay was $210.00 per day for an annual cost of $76,650.00.
- If costs continue to rise at the rate of 34% per year, by the year 2020 the average annual cost of care in the Ogden to Clearfield area will be $86,890.44
- If costs continue to rise at the rate of 3.34% per year, by the year 2030, the average annual cost of care in the Ogden to Clearfield area will be $112,491.54 (Source: Genworth 2016 Cost of Care Survey).
These costs will financially devastate most people. This is a developing long-term care crisis that everyone should address as a critical part of their financial and estate planning.
At The ElderCare Law Firm Inc., we see first-hand how tragic a long-term care crisis can be for individuals and families. On the other hand, we also see how those who have a plan make it through these problems better. They have peace of mind knowing they can have the care they need. Their loved ones have options in crafting the best plan for the care of their ill family member. Those who have a plan can feel self-reliant knowing they will not be a burden on their children.
As part of the planning process, we help our clients consider all their long-term care planning options, from insurance to asset protection. We help those who are still healthy plan ahead and those who are already in crisis get through it with less pain and financial loss. The following links will help you understand your options when it comes to paying for a long-term care crisis:
- Private Pay
- Traditional Long-Term Care Insurance
- Life Insurance with Long-Term Care Benefits
- Preplanning with Asset Protection Trusts
- VA Benefits
We want to partner with you to ease your mind when it comes to paying for your long term care. Contact the ElderCare Law Firm Inc. today to get started.