Get The Help You Need From A Florida Board-Certified Elder Law Specialist

Don’t wait to plan for long-term care

Jun 27, 2019 | Long-Term Care Planning

Knowing how much something will cost is important for making informed decisions of all kinds. For example, before purchasing a car or taking out a mortgage, people in Florida should understand both the monthly and long-term costs. Anticipating future costs becomes a little less clear when dealing with long-term care, but here are a few things individuals can do to make the process more transparent and easier.

The actual cost of long-term care after retirement will vary for each individual, but there are a few generalities that might prove helpful. The length of time during which a woman will need long term-care is, on average, 3.7 years. The average is 2.2 years for men. A significant number of these men and women will receive help with things like eating, bathing and dressing from their children or spouses, who perform unpaid labor.

However, a significant number of people still need the specialized support of nursing homes. Approximately 33% of retirees over the age of 65 will have to spend time in nursing homes, which can run upwards of $100,000 per year. This only paints a partial picture of long-term care and its associated costs. Not only will more than half of people aged 65 and older end up with long-term care costs, but 15% of these individuals will end up with more than $250,000.

So how can a Florida resident plan for a seemingly unpredictable future? Estate planning is a good place to start looking at long-term care costs. Getting long-term care insurance coverage or building a contingency reserve can be smart ways to plan for late-in-life care. However, since each person is unique and needs can vary, an experienced estate planning may be able to explain other options as well.