With more Americans than ever reaching retirement age, the number of people requiring long-term care will only intensify too. According to the Department of Health and Human Services, 7 in 10 seniors are now expected to need long-term care before they pass away. However, the price of long-term care has only been increasing, making it more difficult for seniors to pay for this necessary service. Elder law attorneys can advise seniors and their loved ones on how to save for future long-term care expenses, along with potential senior housing options.
Are Long-Term Care Costs Increasing?
With more seniors requiring long-term care, the prices for these services have similarly increased. Recent data has shown that prices for nursing home care increased an average of 2.4 percent annually in the past ten years. In the same time period, home health care prices rose 11.1 percent. And these costs are only going to escalate further: per the National Health Expenditure, spending on home health care will climb 83 percent in the next ten years.
Additionally, these figures do not account for the unpaid care loved ones provide to seniors every year. Millions of individuals take care of their senior loved ones and are not paid for these services.
Paying for long-term care services is difficult enough for many families. In 2019, the average cost of a home health aide was over $45,000 per year, while placing a loved one in an assisted living facility costs a similar sum. On the other hand, nursing home care is, on average, double this price.
What Are Options for Seniors Requiring Long-Term Care?
One option many Texans do not know about for long-term care is the state’s co-habitation program. Cohabitation involves a senior offering housing accommodations to a guest in exchange for basic household tasks, including cooking, laundry, or cleaning. To ensure the safety of this option, Texas has created their own co-habitation program to match seniors with individuals who are looking for housing.
While cohabitation may not be the solution for every senior, it is an option many Texans are unaware of. Plus, this option reduces the total costs of care services for seniors who just need help with everyday tasks. Co-habitation can resolve issues of loneliness amongst seniors, while also delaying the need to place individuals in costlier assisted living facilities—or have a loved one quit their job to take care of them.
It can be difficult to know what long-term care option is best for an individual; elder law attorneys are here to advise families and help them make the best decision for their loved ones.
Contact a Houston Elder Law Attorney
If you or a loved one is looking for a long-term care solution, contact the Houston elder law attorneys at McCulloch & Miller, PLLC. Planning long-term care can be a complex and stressful situation, but we are here to help. With years of advising clients with a variety of needs and financial circumstances, we will provide you with the knowledge to make critical decisions with your older loved ones about their future. To schedule a no-risk consultation and to speak with one of our attorneys, give us a call today at 713-333-8900.