Nursing home expenses are rather shocking when you look into the facts. According to a MetLife survey the average charge for a single day in a private room in a nursing home in the United States was up to $239 last year.
In 2010 this figure stood at $229. So the 2011 charge of $239 per day represents a 4.4% increase. There was a similar increase in 2010 as compared to 2009 costs.
This is a lot of money if you were to spend a year or more residing in a nursing home. And it is very important to recognize the fact that Medicare is not set up to assist with these expenses.
The figures as they stand today are attention-getting to say the least, but what if they continue to rise at this rate of about 4% or 5% every year? If you are around 50 years old and you need to enter a nursing home in 30 years the cost could be prohibitive.
Things are always in flux but at the present time elder law attorneys will inform their clients about the fact that Medicaid will pay for long-term care under certain circumstances. There are upper resource limits but it is possible to retain a lot of what you own while still being able to qualify for the program if you plan ahead in an intelligent and informed manner.
Since most people will need long-term care someday this is a matter that is relevant to everyone. If you would like to develop a comprehensive strategy for aging that addresses the reality of assisted living expenses the intelligent first step is to discuss your options with a South Carolina estate planning lawyer who has a thorough understanding of elder law matters.