As an elder law attorney, I work to help my clients preserve as many choices as possible in their later years. The younger and healthier you are, the more planning will help you: (1) preserve choices for later in life and (2) preserve assets for yourself and loved ones. If you’ve already suffered some health setbacks, it’s not too late to plan! Whether you intend to pay for care yourself or think you might need Medicaid eventually, good planning will reduce financial, physical, and emotional stress for you and your loved ones.
Americans who reach the age of 65 have a 68% chance of becoming disabled before they die. They have a 35% chance of entering a nursing home. Many of those who don’t enter a nursing home will either need to rely on family caregivers or paid caregivers at home or in assisted living facilities.
In 2016, the average monthly costs for long-term care services in Indiana were as follows:
$7,665 for nursing home care in a private room
$6,388 for nursing home care in a semi-private room
$3,528 for assisted living
$3,813 for home health aides for seniors living at home but in need of assistance
$3,718 for homemaking services for seniors living at home but in need of assistance
While these numbers are shocking, don’t let them scare you into inaction! There are a number of ways to prepare for these costs, and you preserve more choices with earlier preparation. Contact me and let’s get to work on your plan!