At the end of life, some individuals find that they need increased support to live their daily life. A person whose health is in decline may find the need for assisted living or long-term care. Some individuals in Florida may be wondering how to pay for their long-term care needs. There are options available, and by planning in advance, the person may be able to ease the financial strain of this type of care.
Long-term care needs are expensive, with costs expected to be on the rise for the foreseeable future. Monthly costs for a semi-private room in a nursing home were about $6,800 monthly in the year 2016. Home health aides can be costly as well, with the approximate cost of the type of assistance hovering around $3,800 monthly.
Private long-term care insurance is one option for people who anticipate the need for an extended stay in a nursing home or care facility, as for many individuals, retirement savings will dry up quickly. With this type of insurance, the younger a person is when they purchase the insurance, the less expensive it will be. Other options for individuals are Medicare and Medicaid, although the support from these government programs is limited to certain facilities and to those who have low incomes.
In Florida, floridaelderlaw.net/Elder-Law/Medicaid-Planning.shtml">long-term care needs can come quickly and add up fast. A relatively healthy person who is considering an estate plan may wish to include long-term care costs into the overall plan. For some individuals, an experienced attorney can provide guidance and tips on the best approach to their individual needs.
Source: thesnaponline.com, "How to finance long-term care needs", Dec. 26, 2017