You may be a couple decades away from needing nursing home care, but the sooner you can understand and plan for the costs involved, the better.
Here are three truths every senior should know about nursing homes:
1. You’ll probably need nursing home care.
The likelihood you’ll need to pay for this type of care is high: 70% of Americans 65 and older will need some form of long-term care, and 35% will spend time in a nursing home.
2. It’s going to be expensive.
The odds that this care will be expensive? 100%.
Nursing homes in Central Illinois cost about $80,000 per year. That’s roughly $6,500 per month! Most people don’t have that type of monthly income during retirement.
3. Without proper planning, you’ll lose your hard-earned life savings.
If you don’t have enough income to cover the cost of care as you age, you will need to use your life savings and other assets to pay for nursing home care. That means your financial legacy, including things like the family farm, could disappear without proper planning.
Thankfully, with proper planning you can prepare, save your legacy, and get the kind of quality care you or your loved one deserves. Here’s one way to do it.
As a response to the challenges of aging in our current time, our firm has developed a process to plan ahead for the last decades of life, when so many people face financial and physical challenges. Life Care Planning looks ahead to the various stages that individuals and families may go through during the aging process, and creates a plan to make navigating that time a little easier and less stressful. Learn more about the 5 Stages of Life Care Planning here. If you’d like to take the first step toward planning, give us a call at 217-726-9200, and we’ll help you schedule your Initial Meeting.