Long-term care has been on our minds this month at Cramer Law Center because November is National Long-Term Care Awareness Month.  To further your awareness, here are the latest long-term care statistics for this year:

*National Average:

  • Annual Rate for Private Nursing Home Room….$90,520
  • Annual Rate for Semi-Private Nursing Home Room….$81,030
  • Annual Base Rate for Assisted Living….$42,600

*Florida Average:

  • Annual Rate for Private Nursing Home Room….$94,535
  • Annual Rate for Semi-Private Nursing Home Room….$83,950
  • Annual Base Rate for Assisted Living….$38,808

*Jacksonville, Florida Average:

  • Annual Rate for Private Nursing Home Room….$81,395
  • Annual Rate for Semi-Private Nursing Home Room….$75,190
  • Annual Base Rate for Assisted Living….$39,192

These numbers are staggering as-is, but it gets worse.  Some nursing homes and many assisted living facilities have an additional charge for patients needing memory care for Alzheimer’s or dementia.  And although assisted living facility base rates look appealing next to nursing home rates, they don’t include services such as personal care and medication management, each of  which can cost hundreds of dollars per month.

Have you planned for long-term care?  There is no time like the present to contact your financial advisor and inquire about how best to prepare your finances to meet these potential expenses.  You should also meet with an attorney to discuss the legal planning that will best protect you and your loved ones in the event such long-term care becomes necessary.

Click to view the full survey, including data for all 50 states and many major metropolitan areas: https://www.metlife.com/assets/cao/mmi/publications/studies/2012/studies/mmi-2012-market-survey-long-term-care-costs.pdf

 

 

 

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