According to the United States Department of Health and Human Services, seven out of ten Americans will eventually require some type of long-term care. You will probably need care, and Medicare won’t pay for it.
All that’s left is to get out your checkbook, right? That may be an option, but in 2016 the average annual expense for a private room in a nursing home was over $90,000. The average length of stay is two to five years, with some staying even much longer.
The average amount of money a fifty-year-old American has saved for retirement is around $44,000. When you compare this number to the average nursing home cost there is quite a gap.
People who cannot pay for long-term care out-of-pocket typically rely on the Medicaid program. But to become eligible for the program, you must prove financial need. This means having less than $2000 in countable assets.
This is where Medicaid planning comes in. If you work within the rules with an elder law attorney, you may be able to qualify for Medicaid while keeping a significant percentage of your resources in the family.
If you’re interested in learning more about long-term care costs and how you may be able to address them given your unique personal situation, contact our firm at (405) 843-6100 or (913) 385-9400 to schedule a free consultation.