Proper Planning Needed to Protect Assets From Rising Elder Care Costs

Planning for assisted living costs should be at the top of senior citizen’s minds. Nursing home, assisted living, and adult day care costs are rising. The MetLife Mature Market Institute’s annual survey showed that the cost of these types of long-term care have increased by 5.6 percent since the previous year. A private room in a nursing home averaged $87,000 a year and adult day programs cost $42,000 a year.

Assisted living costs tend to go up as seniors need extra care. Facilities can charge hundreds more a month for bathing, incontinence care, and managing medications. If proper planning is not done ahead of time, savings can be depleted quickly. MetLife’s survey noted that many seniors have little financial reserves to plan for adequate care and only seven million people 65 and older have a policy for long-term care insurance.

Seniors and their families should discuss what kind of care they want and need as they age. These discussions should include an experienced elder law attorney so that government benefits and tailored plans can be carried out successfully. The planning can be complex, so trusting in a knowledgeable attorney to help protect savings, establish proper trusts, and carry out your health care wishes is critical.

New York law firm Littman Krooks LLP assists seniors and their families to plan for long-term care needs, estate planning and asset protection, and preservation of Medicaid and government benefits. Our New York City, White Plains or Fishkill elder law attorneys are a trusted resource for many New York families. To learn more, visit http://www.littmankrooks.com/elder-law/.

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