The average monthly cost of a room in a nursing home in Washington is $8,078—nearly eight times more than the average monthly mortgage payment of $1,193. The average yearly total for a private room in a Washington nursing home is $95,995—$12,000 more than the national average. For many individuals, this yearly cost is the same amount they paid on their home over a 15 to 30 year period. Yet, now that they are in the final stages of their life, no longer working, and without a substantial monthly income to rely upon, many individuals cannot afford this spike in housing expenses—especially when they are expected to cover the sky-high costs for several years, or even every year for the rest of their lives.

Unfortunately, many individuals do not consider the need for long-term care or plan for the costs of assisted living ahead of time. This leaves many individuals at a loss as to what to do should they ever need long-term care or need to move into an assisted living facility. At the Law Offices of Dan Kellogg, our elder law attorneys can help you plan for long-term care and ensure that your assets are not depleted and your family not burdened with the cost because of the outrageous expenses.

American Citizens Need to Be More Concerned About Long-Term Care Expenses

According to longtermcare.gov, an estimated 70 percent of individuals will need some sort of long-term care by the time they are 65 years of age. However, only 40percent of Americans 40 years or older have actually set aside some money for long-term care expenses, according to a survey done by the Associated Press-NORC Center for Public Affairs Research. These numbers, in combination with the costs mentioned above, pose some very real problems for individuals without a plan, not to mention the adverse affect lack of planning can have on the elderly individual’s family and their goals for the future.

There are several reasons that one must plan for long-term care expenses, but some of the most pressing include:

  • We are living longer, with the fastest growing age group in our country being the 85 and up crowd (The Wall Street Journal);
  • With the percentage of single person households hovering at just over 40 percent, with the birthrate rapidly declining, and with the elderly population expected to double, more people are projected to need care in the next 20 years than there are family caregivers to provide it (U.S. Census Bureau);
  • Medical science is preventing early sudden death, which is great, but it also results in prolonged life with severely impaired health, thereby creating the need for long-term care; and
  • Government programs – such as Medicaid, Medicare, and the Veterans Administration – only cover approximately 16 percent of long-term care expenses, and that percentage is only projected to decrease as the elderly population grows and the funds available are rapidly depleted (longtermcarelink.net).

Consult a Renton Elder Law Attorney

At the Law Offices of Dan Kellogg, our Renton elder law lawyers have helped countless clients apply for and receive Medicaid benefits to assist with their long-term care expenses. Even if you have planned and saved, even one medical crisis can be enough to deplete your long-term care expenses and bring you back to the starting point. Unfortunately, for many individuals, it is too late to start saving all over again. If you are worried about your future, or if you just want to be prepared, contact the Renton office of Dan Kellogg to begin planning for your future today. Call us today (425) 227-8700.