Even if you have great health, the odds are high that at some point in the future, you or a close loved one will require care in a nursing home. With greater advances in technology and medicine, the residents of Minnesota and other states are living to older ages and increasing the likelihood that they will require long-term care. We at Dunlap and Seeger are here to help you prepare for the costs that may be incurred if you need to pay for nursing home care in the future.
U.S. News reports that 45 percent of the country’s citizens will need to stay in a nursing home at some point and over two-thirds will find themselves in need of long-term care once they pass the age of 65. If you find yourself footing the bill for your own care or that of a family member, you could be facing costs of over $82,000 per year for a shared room and even more for a private room.
Finding a way to cover these costs can be difficult, but proper estate planning can make the solution easier. If you or your loved one are a veteran, the Veteran’s Administration Aid and Attendance can offer up to $2,837 each month, depending on the amount of service given.
Another great option to consider is Medicare and Medicaid. While both can offer plenty of help, there are several guidelines that must be followed and stipulations that need to be met. For more information on this topic, please visit our web page.