As elder law attorneys, we pay close attention to financial and legal matters that are specifically relevant to senior citizens. Long-term care costs are at the top of the list, because most seniors will eventually need help with their activities of daily living.
Genworth Financial has been conducting surveys on an annual basis that provide detailed information about the state of elder care costs around the country. They have recently released their survey for 2021, and the results are not encouraging.
Significant Increase
When we say that most seniors will need living assistance, we are talking about 70 percent, and 52 percent require paid care. Just over one third of individuals that are 65 years of age and older will reside in nursing homes late in their lives.
In Connecticut, the median cost for 12 months in a private room in a nursing home was $179,398. This is a 6.85 percent increase over the 2020 figure. The annual median charge for a semi-private room was $158,958, and this is an increase of just under two percent.
Living at home while you are receiving assistance from a professional in-home health aide is an option for some people. This can be preferable to a move into a nursing home because of the comfort and familiarity that your home will invariably provide.
The annual cost for an in-home health aide went up by 17 percent to $66,924. If this trajectory remains constant and you need paid long-term care in 20 years, the impact on your legacy can be considerable.
Medicare to the Rescue?
A lot of people assume that Medicare will pay for in-home care or a stay in a nursing home. After all, the purpose of the program is to address the health care needs of senior citizens, and most elders will need living assistance.
Many people find it hard to see the logic, but in fact, Medicare does not cover custodial care. This is an inconvenient truth, but it is a fact of life. Fortunately, elder law attorneys have developed strategies that can be used to address this harsh reality.
Medicaid Eligibility
Nursing home asset protection will typically involve Medicaid eligibility. This program will cover long-term care, but there is a hurdle to cross.
In the state of Connecticut, the send us a message to request a consultation appointment, and we can be reached by phone at 860-548-1000.
Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
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