Many Surprised By Cost Of Long-Term Care When you are looking ahead to your active retirement years and the twilight period that will follow you must evaluate your anticipated expenses. Just calculating what it will cost you to live as usual under normal circumstances is not really going to be adequate because you may face possible expenses toward the end of your life that are extraordinary. Health care expenses could fall in to this category, and long-term care is also a possible expense to keep in mind when you are doing your budgeting. It is important to take the cost of long-term care seriously because of the fact that it is likely that you will incur these expenses. According to the United States Department of Health and Human Services, 70% of people who reach the age of 65 will someday need long-term care. So just taking the “it will never happen to me” attitude is certainly a cavalier approach that flies in the face of the statistics. Just how expensive is long-term care these days? The MetLife Mature Market Institute puts out a study each year that examines the subject in-depth, and the numbers that they have compiled are eye catching to say the least. In the St. Louis area, the average charge for a day in a nursing home last year was $178. If you do the math, this works out to an annual expense of nearly $65,000, and the average length of stay is approximately two- and-a-half years. Assisted living community costs are also quite expensive. In 2010 the average charge for a month long residence in an assisted living facility in St. Louis was $3,863, which factors out to $46, 356 per year. To develop a plan that will leave you prepared to address these costs if you are indeed faced with them someday, call (314) 966-8077 arrange for a free consultation with an experienced elder law attorney at Purcell & Amen, L.L.C. Experienced estate planning attorneys St. Louis MO of the Purcell & Amen LLC offers estate planning and business planning resources to residents of St. Louis MO. To learn more about these free resources, please visit http://www.yourestatematters.com today.
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