Now that we are in a new year you will see some 2011 elder law statistics released. Kansas City elder law attorneys are always going to be interested in analyzing current trends. With this in mind the MetLife Mature Market Institute annual survey is a very good resource for those keeping an eye on the costs associated with long-term care.
There are those who are not concerned – or are in denial – about long-term care expenses because of two misconceptions. One of them is the notion that it is unlikely that they will ever need long-term care. In fact, most senior citizens will need long-term care at some point in their lives. The other misconception is that Medicare will cover long-term care if it becomes necessary. The truth is that Medicare does not pay for long-term care.
This year’s survey indicates that long-term care expenses are continuing to trend upward, and this confirms the expectations of geriatric analysts. In 2011 the national average cost for a year in a private room in a nursing home rose by 4.4% to just over $87,000. The same period of time residing in an assisted living community in the United States would cost you $41,724 on average.
This is important information to have if you are budgeting for the future. As disturbing as it may be there’s no telling how high these costs will be if you need long-term care in 10 or 20 years. The best way to make preparations is to tap into professional expertise, and if you’re interested in doing so now is the time to pick up the phone to arrange for a consultation with a good Kansas City elder law attorney.
Author, President and Founding Attorney
Parman & Easterday