Connecticut elder law experts are growing increasingly concerned about the cost of living assistance for elder Americans. Right now the expenses that seniors face when they need living assistance could be accurately described as exorbitant. But if you are planning ahead for the possibility of needing long-term care in perhaps 30 years the potential costs are mind-boggling.
The MetLife Mature Market Institute puts out an annual survey that is very well researched and detailed. Last year the cost of a stay in a nursing home in the United States rose by 4.4%. The expense for spending the same period of time in an assisted living community rose by 5.6%. A similar upward spiral existed in 2010 when compared to 2009 prices.
Connecticut long-term care costs are higher than the national averages. But in the United States as a whole a year in an assisted living community averaged almost $42,000 in 2011; the annual expense for a private room in a nursing home averaged over $87,000.
When you add 5% or so to these figures each year over 20 or 30 years you are looking at some incredibly large numbers.
Many people are achieving senior citizen status right now as 10,000 baby boomers apply for Social Security daily. This application volume is expected to continue for 20 years. Medicare will not pay for an extended stay in a long-term care facility, and paying out of pocket may not be possible for many.
Without question, the challenge of rising long-term care costs will be confronting a very significant percentage of the population in the years to come. If you are concerned, the intelligent first step would be to discuss your future with a good Hartford elder law attorney.