- January 18, 2019
- Posted by: Matthew Luedke
- Category: Long Term Care
Long-Term Care Planning Advice for Seniors can be hard to come by these days! Did you know that if you’re Single – the odds are 50% greater that you will need long-term care by age 65?
Married, those odds jump up to 75% that you or your spouse will need long-term care. Long-term care is expensive! Going by national average, a year in a nursing home is estimated to cost more than $75,000!
The average nursing home stay is two-and-a-half years. Is it any wonder then that 50% of mature couples become impoverished within a year after either spouse enters a nursing home. This number jumps to 70% for widowed or single persons.
The key to proper long-term care planning is to plan now, rather than to react later. There are many legitimate methods and strategies to preserve more of your personal assets – but only if you do not procrastinate!
If you’d like advice and counsel regarding your long-term care options before you sign any applications – give us a call – we’re always here to help!