Long Term Care Costs Continue to Rise

Despite the sluggish economy, the need for long term care remains a definite for many, which enables long term care costs to continue to grow.  According to Genworth’s 2011 Cost of Care Survey:

  1. Skilled nursing care increased 3.4 percent in the last year to a cost of $77,745 per year;
  2. Assisted living facility care increased 2.4 percent in the last year to a cost of $39,135 per year; and
  3. At-home care services hovered around $18 to $19 per hour.

With costs like these, there is no question that many people’s life savings could be diminished within a relatively short period of time.  Instead of allowing that to happen to you and your family, take the time to thoughtfully plan ahead for how you would finance such care if the need arises.  If you failed to plan for such circumstances, but find yourself needing such care in the foreseeable future, make sure you contact an experienced elder law attorney to discuss potential asset protection strategies which may be available to you.

To learn more about long term care costs and how to plan ahead for financing them, go here.

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