With the percentage of older Americans expected to outnumber their younger counterparts by the year 2050 it should be no surprise that services geared toward the elderly are becoming more frequent in the United States.
The law has also taken note of the increasing elderly population by creating a specialty area, known as “elder law” that is aimed at addressing the unique legal issues faced by older individuals and those who care for them. Long-term care is one of those issues for most elderly individuals.
The average American can expect to live almost twice as long as his or her counterpart lived a century ago. A longer life expectancy, however, dramatically increases the likelihood that you will spend time in a long-term care facility at some point in your life.
With an average cost of over $75,000 per year to stay in a long-term care facility can easily wipe out a lifetime’s worth of careful saving and prudent investing.
Will You Need Long-Term Care?
Though people prefer not to think about it, the odds are favorable that you will end up in a long-term care facility at some point. You have a one in five chance of needing long-term care prior to retirement age. For those who live to age 65, two in five will go on to need long-term care and by age 80 the likelihood of needing long-term care drops to three in four. The average stay in a long-term care facility is 2.5 years – a stay that is typically not covered by private health insurance or by the Medicare program.
Proper planning is necessary in order to properly situate yourself, or a loved one.