According to a recent report, long-term care costs are rising. Genworth, a provider of long-term care insurance, surveyed 2017-2018 inflation rates in long-term care categories and discovered that for some categories, costs were rising at up to two to three times the rate of inflation. And with inflation rising even higher in 2022 than it did five years ago, careful planning for you and your loved ones’ futures is all the more critical.
At just a 3% projected inflation rate, Houston-area costs for in-home elder care services could rise to over $8,000 per month by 2041, in just twenty years. A private room in a nursing home facility could be nearly $170,000 annually. Even adult day care or assisted living facilities, which are lower-cost options, could rise to $23,826 and $92,003 annually, respectively. This is without considering that inflation in some of these categories could be higher than an average of 3%. Proper planning with an experienced attorney is crucial to ensure these costs are carefully considered and planned for.
Why are Costs Rising?
According to a study by the University of Michigan, people are living longer, and care for people of advanced age is more expensive. Mobility devices such as canes, walkers, and wheelchairs will be needed by a high proportion of middle-income seniors, and some will need help with basic tasks like bathing, eating, and dressing, which can come at an additional cost. These additional expenses can add up. In addition, healthcare services are expanding, which can ease the burden for busy working families but add long-term costs to elder care budgets.
And in the United States, long-term care options are limited to those low-income seniors who qualify for Medicaid, leaving middle-income seniors without an avenue for affording their care. An experienced elder care and estate planning attorney can help navigate Medicaid applications and crisis planning or assist in financial planning for the future.
What Can I Do?
If you do not yet have a long-term care plan, you need the help of an experienced elder law, Medicaid, and estate planning attorney as soon as possible. They can help you preserve your assets and plan for the future so you don’t have to spend every penny you’ve earned on long-term care. A good attorney can help you navigate all of the potential options ahead and answer any tough questions you may have about the elder care planning process. A good attorney can also help you avoid difficult situations in the future, such as guardianship disputes or loss of independence.
Contact a Houston Elder Law Attorney Today
At any stage of your elder care planning journey, whether for you or your loved ones, the attorneys at McCulloch Miller, PLLC can help. The team at McCulloch Miller, PLLC has ample experience in elder law, Medicaid planning, estate planning, and other areas you may need to navigate as you plan for retirement and long-term care for yourself or your family. Contact our office at 713-936-9073 to schedule an initial consultation with a Houston estate planning attorney on our team.