They say that death and taxes are the only certainties, but in the field of elder law there seems to be another one emerging.
It’s looking like an annual rise in the cost of long-term care is as certain as death and taxes.
Each year the MetLife Mature Market Institute does a good job of gathering statistics to let us know the state of affairs. They have just released their 2012 long-term care market survey and we would like to share some of the results.
The national average for a single day residing in a private room in a nursing home in the United States in 2012 is up to $248, and this represents a 3.8% increase over the 2011 figure of $239. When you multiply this $248 figure by the 365 days in the year you are looking at an average annual expense exceeding $90,000.
$90,000 for a year in a private room in a nursing home may sound like a lot, and it is. However, here in New Jersey the figure is much higher. The average cost for a day in a private room in a nursing home in the Garden State is $336, which factors out to an annual expense of just over $122,600.
These expenses are something that you must budget for in advance because Medicare will not pay for long-term care.
If you have concerns you are not alone. The intelligent first step would be to discuss the future with a good central New Jersey elder law attorney. He or she will gain an understanding of your financial situation and your long-term goals, explain your options to you, and provide you with professional guidance as you make preparations for the eventualities of aging.
The Augulis Law Firm is a member of the American Academy of Estate Planning Attorneys.