When you are anticipating the eventualities of aging long-term budget projections are necessary. To estimate your future expenses accurately you have to be fully aware of the facts, and with this in mind you would do well to know a few things about long-term care and the costs involved
Assisted Living Costs Trending Upward When you are anticipating the eventualities of aging long-term budget projections are necessary. To estimate your future expenses accurately you have to be fully aware of the facts, and with this in mind you would do well to know a few things about long-term care and the costs involved. A lot of people think that they will never need long-term care, but in fact most people who achieve senior citizen status will indeed need such care at some point in time. There are individuals who assume that Medicare will cover all their health care expenses once they qualify for the program, but in fact Medicare does not pay for long-term care. So, the bottom line is that it is likely that you will need long-term care eventually and you're going to have to make your own arrangements for financing it. In 2010 the average cost for a year residing in a private room in a nursing home in the United States was over $83,000. To spend the same period of time in an assisted living community it would cost you around $40,000 on average. In Southern California these figures are typically higher. Men who need long-term care require it for an average of 2.2 years; for women it is 3.7 years. As you can see, these expenses are quite significant and they are expected to rise according to industry experts. Long-term planning is key if you want to be able to meet these latter life expenses, and angling toward Medi-Cal eligibility can be an option. To set a plan in motion that leads to a comfortable future, take a moment to pick up the phone and arrange for a consultation with a good San Bernardino elder law attorney. Experienced estate planning attorneys Redlands CA of the Elder and Disability Law Firm offers estate planning and business planning resources to residents of Redlands CA. To learn more about these free resources, please visit www.san-bernardino-elder-law.com/ today.
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