Price Waterhouse Coopers (PWC) is one of the leading accounting / consulting / advisory services out there. They recently published a very informative (and alarming) study looking at the real cost of long-term care. The report found that there is more than a fifty (50) percent chance that a 65-year-old will eventually require some form of formal paid care during their lifetime. Also, the figure they claim to estimate the current average lifetime cost of long-term care is $ 172,000.
* Courtesy of PWC report. All rights reserved by PWC.
In Florida, the average cost of a nursing home is over $ 9,000 a month! While housing assistance facilities can cost less per month (between $ 2,000 and $ 6,000 per month) when you factor in the additional services that many families must cover, such as extra hours for private aides and ancillary services provided by ALFs , many residents are paying close substantial sums month after month.
As a result, many individuals and their families seem to think that there are no viable options other than spending what they have saved to get the care they need. That is not the only option!
Think of a simple example. If you’ve worked your whole life and saved the best you could and now you have $ 100,000 and need to be transferred to a skilled nursing facility. If you are not married, Medicaid will only allow you to have up to $ 2,000 in “countable” assets, so without proper planning, you will likely have to spend or pay for a nearly $ 98,000 facility before you can get benefits and Medicaid will enter. . and pay a part (or almost all) of the cost of your nursing home. There are many options to consider and ways you can maximize the benefits of your life savings!
Some people can afford or qualify for long-term care insurance and that can be a wonderful option, but many people cannot. Whether it’s cost prohibitive or it’s simply “too late” when it comes to health, long-term care insurance may not work for you or your loved ones. As such, you need to reach out to those in the know and find out what other options exist.
As an attorney for the elderly, we spend a great deal of time and resources educating the public to understand that there are government benefits and programs to help you and your loved ones through this important stage of life. From Institutional Care Medicaid (i.e. Nursing Home Medicaid) to Home and Community Based Medicaid Waiver (i.e. Long Term Care Medicaid Statewide), there are options that can help to ease the financial burden of aging.
Click here to read the report https://www.pwc.com/us/en/insurance/assets/pwc-insurance-cost-of-long-term-care.pdf .
As always, we are here to help and would be happy to schedule a consultation today. We can always be contacted by email at [email protected] or by phone at 305.722.5533.