Think you are prepared for the costs of long term care? You might be surprised to find out just how much long term care actually can cost. Most senior citizens will need to spend at least some time in an assisted or full care facility, and while the majority will have stays of under a year, those costs can still add up quickly.

Average Costs of a Nursing Home

A report from 2013 revealed some disturbing trends. The average cost for a private room in a full care facility can be as high as $230 per day. Even if the room is only semi-private, that may only drop the cost to $199 per day. That means a cost of nearly $7000 per month! Another disturbing trend is the increases per year. In 2008 the median cost of a private room as just over $67,000 per year. In 2013, it was up to $84,000. This averages out to an increase of about 3.6 percent per year. Can your pension or retirement savings handle that cost?

Past Methods to Pay for Long Term Care Might Not be Effective

Retirement funds and savings took a major hit in the crash of 2008. While some have recovered partially, many will not be able to rely on their pensions and retirement funds like previous generations have. This means more reliance on government programs such as Medicaid and Medicare.

For legal assistance with Medicare or Medicaid benefits, contact the experts at Stano Law Group today!