Why is Long Term Care Planning important? As difficult as it may be to accept, there is a very real probability that many Pennsylvania residents, like their elderly counterparts across the country, will need to spend some time in a nursing home. About 14% of all people over the age of 64 have at least two chronic conditions that prevent them from living on their own. Five percent of people over the age of 65 will live in a nursing home or assisted living, and 25 percent of them will at least spend some time in a facility. Over the age of 65, the chances of staying in a nursing home increase 1.4% annually. Fifty percent of those above the age of 94 will be living in a nursing home.
Living in one’s own home is the most comfortable option for everyone; but as many people get older, their medical conditions prevent them from remaining independent. Those who need daily assistance and don’t have enough finances for live-in help may find themselves living in a nursing home. Without proper planning, these people may find themselves running through their assets to pay for long term care.
Many nursing homes cost between $7,000 and $12,000 a month. Depending on one’s age, an individual may pay $250,000 or more in the last years of life for a nursing home. Long term care planning can help people determine how to cover these expenses without using all their savings.
Having a plan on how to pay for long term care can be the difference between running out of money and living comfortably or leaving assets for a spouse or other family members. No time is too soon to begin to think how one can pay for long term care and an experienced elder law attorney can help with devising a plan.