NPR had a segment on Morning Edition this week about shopping for long term care insurance. A link to the story and the audio is here, and it has some useful information, but I really like it because within the article is a link to a federal website that shows the average annual cost of care on a state-by-state basis. Since we're a Raleigh, NC and Burlington, NC firm, however, I want to point out the costs for North Carolina:
A private room in an assisted living facility will cost up to $36,000 per year, or $3,000 per month.
A semi-private room in a nursing home facility will cost anywhere from $64,000 to $74,000 per year, or $5,300 to $6,100 per month.
A private room in a nursing home facility will cost anywhere from $72,000 to $86,000 per year, or $6,000 to $7,100 per month.
Think about these numbers, and then think about what you are either receiving in retirement, or expect to receive in retirement. Do you have enough to cover that cost of care? How much does it leave your spouse with per month in income? Chances are, not much. That's why it's imperative that you consider these issues when you are looking at your estate plan and your finances. What can you do to help supplement your income to cover the cost of care? Have you checked on long term care insurance? If you have and you either don't qualify, or you can't afford it, have you talked to an attorney that focuses their practice (like us!) on estate planning and long term care issues?
Don't let these things creep up on you. Plan!
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