When creating your estate plan (i.e. planning for the future), there are a plethora of things you are going to want to include in it, especially a plan for how you are going to afford long-term care in the event you need it. While nobody wants to imagine a period in their life where they are physically unable to care for themselves, we must be realistic about what the future holds so we can plan accordingly and be prepared. The first step for planning for long-term care is knowing what type you want and how much it costs.
Because most people would prefer not to rely on nursing home care staff when they first begin to notice a decline in their physical and/or mental abilities, we are going to first look at the cost of long-term care you can receive outside of a nursing home.
- Homemaker Services
Let’s say you reach a point in your life where you simply need help with household tasks. Homemaker services allow you to still live in your home but receive help from an aide that might clean, cook meals, or run errands. According to Genworth, the annual cost for homemaker services in 2020 is currently estimated to be about $53,024.
- Home Health Aide
A home health aide is someone who would come to your home to provide you with more extensive personal care. The estimated annual cost for a home health aide in 2020 is $54,203.
- Assisted Living Facility
If you would prefer to live in a facility but not a nursing home as you are still able to do certain things for yourself, you might consider choosing an assisted living facility. Assisted living facilities are for individuals who need assistance with Activities of Daily Living. The level of care that is provided in these facilities is not nearly as extensive as the type of care that is rendered in a nursing home so these types of facilities would not be suitable for someone who needs a significant amount of help with all of their day-to-day tasks. The annual cost to live in an assisted living facility in 2020 is estimated to be about $50,070.
- Nursing Home Facility
Nursing homes are designed for individuals who need extensive care and supervision. The estimated annual cost to live in a nursing home in 2020 is $105,266.
If you would like to see how much Genworth estimates long-term care will cost in the future, click here to access their free online tool.
While we can’t exactly predict the type of care we will need in the future, we can at least plan for it. If you are ready to discuss planning for your future with a skilled Coral Springs, FL estate planning lawyer, it’s time you contact Express Law. Not only can an estate planning attorney help you understand how to create an effective plan that establishes how your long-term care is going to be paid for, but they can assist you with creating a will, power of attorney, and much more.
Express Law can be reached at:
2900 West Sample Road
Pompano Beach, FL 33073