Estate Planning and Long Term Care

Did You Know:

People reaching the age 65 have an average life expectancy of an additional 18.5 years (19.8 years for females and 16.8 years for males)?

The population 65 and over will increase from 35 million in 2000 to 40 million in 2010 (a 15% increase) and then to 55 million in 2020 (a 36% increase for that decade)?

About 60 percent of individuals over age 65 will require at lease some type of long-term care services during their lifetime?

Medicare, the federal health insurance program for those over 65+, paid only 13% of U.S. long-term care bills in 2002.?

A nursing home costs between $60,000 and $80,000 per year? (national average for a private room is approximately $70,000 per year)

From 1990 to 1995, nursing home costs rose 6.25% a year? A government study forecasts that home-health care and nursing home costs will rise 5.8% per year through 2020.

37% of all persons in need of nursing home care are 64 years of age and younger?

Nearly three in ten (28%) adults are saying they are “very” worried that they won’t be able to pay for nursing home and home care services?

Nearly one-third (32%) of people without long term care insurance say it’s just something they’ve thought about?

44.4 million caregivers (or one out of every five households) are involved in caregiving to persons aged 18 or over?

As an Estate Planning Attorney located in Los Alamitos, California servicing Orange County and Los Angeles County I try to ensure that I inform my clients of the need for long term care planning either in their Trusts or Wills, or through the purchase of insurance.

For contact information, see my website at http://www.nemlawyer.com or call me at 562-799-1379.

 

 

 

 

Many think Medicare pays for all long-term care needs for the elderly: in fact, its nursing home coverage is limited mainly to short-term patients recovering from hospital stays.

 

 

 

 

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