It’s never fun to think about needing help taking care of yourself in the future. This is why we procrastinate when it comes to discussing long-term care until the need arises, often too late to do much about it.
We all know we should start planning for long-term care now, so let me give you some reasons for getting started.
- People are living longer and are more likely to need long-term care. According to the U.S. Department of Health and Human Services, 70 percent of those over 65 will require long-term care services at some point.
- Care expenses are rising. Regardless of where you receive care, expenses are rising. In 2010 the average cost for a nursing home was $83,585 a year and for an assisted living facility was $74,825 a year—annual increases of 4.6% and 3.5%, respectively. Home care aides averaged $21 per hour. Costs are likely to continue to rise at a rate higher than that of inflation.
- Family caregivers aren’t always available. Often spouses work, children live far away from their parents, and there isn’t anyone nearby to take care of you when you need them.
- Early planning is essential. If you plan now, you may be able to preserve your assets, instead of having to use them up to pay for long-term care. And if you plan early enough, you keep your options open as to where the care will be provided—in home, an independent living facility, an assisted living facility, or a nursing home of your choice.
If you have questions about how to protect your hard earned assets, call (405) 562-7409 today to schedule a FREE appointment to discuss your situation and the options available to you.
Parman & Easterday