Will Long-Term Care Break the Bank?

By Evan H. Farr, Certified Elder Law Attorney

The Law Firm of Evan H. Farr, PC

. http://www.farrlawfirm.com/

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Will Long-Term Care Break the Bank?

It is impossible to predict the type(s) of long-term care one will require and at what stage of life such care will be needed. How, then, can a family plan financially in light of such uncertainty? Moreover, care options vary tremendously as far as annual median costs are concerned.

Refer to the chart below for a look at the annual median cost of the following types of care based on the 2012 Genworth Cost of Care Survey

Breathe a sigh of relief proper planning can mitigate the stress inherent to the aging and care continuum process. An individual may enter what is referred to as “the long-term care continuum” at any given stage maybe they will start with home care and later require around-the-clock care, either at home or a facility. Perhaps they will never need to move to a facility. Whatever the case may be, planning ahead is more important now than ever before, because the latest data available shows that the cost of care among facility-based providers has “steadily increased” over the past five years.

Living a healthy lifestyle (i.e., eating right and not smoking) increases the chances one will live longer, but the uncertainty of life remains. Even the young and physically fit have been known to suffer heart attacks at young ages, develop cancer, and suffer from a variety of other illnesses. Alzheimer's disease is but one example. Accidents are an entirely different topic, yet related in that we truly do not know when or what kind of care we will eventually need as human beings. The best we can do is to properly prepare, and for nearly everyone, it starts with speaking with an experienced and knowledgeable elder law attorney.