Long-term Care Expenses Impact Planning

One of the things that is challenging about planning your estate is the fact that the expenses that you are going to incur toward the end of your life can vary widely. Some of this variance has to do with your own unique situation, and some of it is due to the shifting costs of medical treatment and long-term care. If you are looking ten, twenty, or perhaps thirty years ahead there is no way that you can predict cost increases with total accuracy, but what you can do is keep yourself apprised of the costs as they stand now and watch the way they are trending.

With this in mind the results of the annual MetLife long-term care market survey were released recently, and they would indicate that costs associated with living in assisted living communities and nursing homes are high and they are on the rise. In 2010 the national average for a day living in a private room in a nursing home was $ 229; in 2009 it was $ 219. This works out to a total annual cost of $ 83,585 in 2010 which is a 4.6% increase over ’09 figures. The average cost for a year in an assisted living community in the United States in 2009 was $ 3,131 monthly or $ 37,572 a year. In 2010 this charge grew by 5.2 % to $ 3,293 monthly, which is $ 39,516 per year.

In the San Diego area the charges for living in an assisted living facility were slightly lower than the national average. In 2010 it cost $ 3,082 on average to spend a month in an assisted living community and that is about $ 37,000 a year. On the other hand, nursing home costs in San Diego were higher than the national average. It cost an average of $ 267 a day or $ 97,455 annually to reside in a private room in a San Diego nursing home in 2010. Depending on the extent of your assets, these costs can have a significant impact on your estate and preparing for them may take some very careful planning.

To learn more about long-term care and protect you from the cost of long term care, please visit the website of the experienced estate planning attorneys San Diego CA of the Legacy, APC today.

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