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Elder care just keeps getting more expensive.

On Behalf of | Jan 27, 2023 | Long-Term Care Planning |

Care for the elderly as they age has always been very expensive, especially when it is long-term care. Staying in an assisted living home or a nursing home is prohibitively expensive for some, and it’s a reason why people are often looking into their benefits. They want to know if they qualify for any types of financial assistance so that they can get the care they need on the budget that they have.

Unfortunately, budgeting for something like this is just getting more difficult with inflation and other reasons for rising costs, such as record profits being put up by numerous companies as they pad prices. This is why advanced planning is so important, and why those who often run into major complications have perhaps procrastinated this planning for a bit too long.

Will your life savings be enough?

One reason for procrastination is that people often think that they simply have saved up enough money to pay for their own care. They know that it’s expensive, but they’re proud of what they saved.

But this can be dangerous when your savings don’t stretch nearly as far as you may have assumed. For instance, one man had saved up about $300,000. He thought that would be plenty to get nursing care when he needed it, but it actually only lasted for four years. He had spent his entire life putting money aside, and he still didn’t have nearly enough for all of the care that he required.

How do you avoid that outcome?

You can see why it is so important to take the time to look into all of your legal options and to really understand the steps you can take to seek proper benefits.