Year over year the cost of getting long-term care support continues to rise. Many people do not anticipate needing this form of support in their retirement or later years, and it can cause significant disruptions to their savings or income streams in place. Assisted living costs saw a 6.15% increase in just the last year.
When looking back over the previous 17 years, that number shows an 80% increase. Many people who end up in long term care facilities, such as nursing homes, require care for a longer period of time. That section of the market saw a 2% increase in cost last year and a rise of between 30% and 40% when incorporating the last 17 years. 4 out of 5 adults underestimate the home health care cost, according to a study by Genworth.
If you do not have a plan in place for covering possible long-term care and are concerned about qualifying for Medicaid in legal and strategic ways, you want the support of an experienced elder lawyer to guide you through that process.
An elder lawyer can help you see what your options are and discuss where you’re at right now and how that could be influenced by future events. Incorporating the general costs associated with home health care increase and other issues, such as rising inflation or studies indicating how long people need long term care services, you can help to build out a more holistic plan that gives you peace of mind.
A Massachusetts elder lawyer can help you with your plans.
