NURSING HOME COSTS
According to the U.S. Congressional Budget Office*, 33% of seniors over age 65 will spend at least 3 to 12 months in a nursing home. In Michigan, the average cost of a nursing home is over $6,800.00, per month. So, even 12 months would cost more than $81,000.00.
What is worse is that the C.B.O. report states that 24% of seniors over age 65 will spend at least 1 year to 5 years in a nursing home. A full 9% of seniors age 65, will spend more than 5 years in a nursing home. That is worth repeating… Nearly one in ten seniors will spend more than 5 years in a nursing home!
If nursing home rates stayed consistent, 5 years in a nursing home would cost more than $408,000.00. Of course, the rates will not stay the same. Based on the past increases, it will likely cost about $438,000.00 for 5 years in a nursing home (if you entered the nursing home today).
What should you do about this?
Ignore it and hope for the best?
Plan ahead and increase your chances that you will never spend a significant amount of time in a nursing home and have a plan to protect your assets if you absolutely must be in a nursing home.
With a plan in place before you get too sick, we can help you guarantee a better quality of life if you get sick and help you protect yourself and your family from the cost of long term care.
This is NOT your parent’s estate planning. A simple Will or a simple Trust will not protect you if you get sick and have long term care costs. We have a variety of options that can give you peace of mind that you will be able to protect yourself, your spouse and your family, no matter what the future brings.
What if it is too late to plan ahead?
What if your loved one is already in need of long term care? We have several crisis plan options that can help. Perhaps Veteran’s Benefits are available to help pay for the care. If a nursing home is required, your Medicaid options should always be explored. Even if you have been told that you do not qualify for either of these programs, you should check with us. We usually have planning options that can help you qualify for these programs while protecting your family and assets.
We have helped many families who were told by others that they had no options.
If you want to know your options, whether you are in crisis or want to plan ahead,
call Michigan Estate Planning Law Center, 1-800-990-6030 for a free consultation.