The estate planning process should not be separated from retirement planning or long term care planning. These three issues often impact us all together, and neglecting any one of them could cause problems in the future. Long term care refers to many different services that are designed to help someone with the activities of daily living, such as dressing, bathing, and eating. These services are not typically covered by disability insurance, Medicare insurance, or health insurance in the manner that most people might expect. This means that a component of a person’s estate and elder care plan should address these concerns.
Although more people are becoming familiar with the rising cost of health care and long term care for Seniors, many people don’t take certain necessary proactive steps to protect themselves, such as establishing an asset protection trust. Between 2017 and 2018, the cost of long-term care in assisted living facilities in Michigan jumped by 10%, according the Genworth cost of care study.
None of us want to imagine spending our retirement years in a nursing home, yet over half of Americans between the ages of 57 and 61 will spend time in a nursing home in their lifetime, according to a 2017 project by Rand Corp. The costs of nursing care, however, often shock people who might have spent most of their adult life intending for their saved assets to be used for retirement. Across the state, you’ll find fluctuations in Michigan long term care costs, but the total amount due to get a loved one the help they need can be overwhelming. In the greater Detroit area, nursing home costs average over $9000 per month for a semi-private room.
As you can see, addressing long term care is not just important, but necessary. If you are in a Medicaid crisis situation in Oakland County or Macomb County, you should speak to an attorney right away. Schedule a consultation today with a knowledgeable long term care planning attorney.