Have you thought about long-term care? What about the planning for it, or even the possibility (now reality) of costs increasing? The Associated Press’ Tom Murphy elaborates on how much long-term care costs have increased in his article.
Back in 2004 Genworth Financial started a survey and since then, we’re now seeing the second-highest increase of 4.5%. This is due to labor expenses and sicker patients. And soon, we may see costs go to $100,000 or more per year. This cost can be for nursing homes, assisted living, adult daycares, etc.
How many American 40 and older do you think haven’t made any plans for their long-term care needs? One-third, according to a 2016 Associated Press-NORC Center for Public Affairs Research Survey.
We Can Help
At Rhodes Law Firm, we highly recommend you begin planning for long-term care, and everything else for that matter, as soon as you can. When you’re ready to start planning for times like these, estate planning, and more, contact us and we’ll get you started!