$10,000 - $12,000? That's for a Year, Right?
Published: Fri, 05/13/16
$10,000 - $12,000? That's for a Year, Right?If you cannot view the image below, please read the article on our blog. Q. I read in one of your recent newsletters that nursing homes in the metro DC area cost $10,000 - $12,000 a month. I think you made a typo, and I wanted to bring it to your attention. Those amounts are for a year, right? If nursing homes cost THAT MUCH per month, then nobody could afford them without going completely broke. My used car cost $12,000, and I am paying it off. I couldn’t imagine spending that amount each month for my wife to have skilled care in a nursing home. In less than a year, that would deplete all the money we worked so hard for all these years, and saved for retirement. Please tell me I’m right, and the word “month” should have been “year”! A. Thanks for your inquiry but, unfortunately, you read that right. The cost of a nursing home in the metro DC area is $10,000- $12,000 A MONTH, an amount that is catastrophic for most of us. Each few years, Genworth conducts surveys of long-term care across the U.S. and summarizes the data in a Cost of Care Study, in an effort to help Americans plan for the potential cost based on their preferred location and setting. The 2016 survey is now out, and provides state-specific cost of care data for all 50 states and comparison to the national median. Unfortunately, according to the study’s findings, the cost of receiving care continues to rise sharply year over year, especially for services in the home, where most Americans prefer to receive long-term care. Below are some highlights from the survey:
People Underestimate the Cost of Long-Term Care According to a complementary Genworth online caregiving survey, four out of five adults underestimate the costs of home healthcare. In fact, nearly one-third of Americans incorrectly believe that costs for these services run under $417 per month. As you can see from the figures above, people are way off, as the national median rate is nearly ten times more than that. In addition, people who stand to be affected most by long term care events are also more likely to underestimate the cost of care. This includes women (who are statistically more likely to enter caregiving roles), single adults (who may not have a partner to rely on for caregiving needs), and younger adults (aged 25-45, who are more likely to deal with the reality of a parent needing care). "The data from our complementary study dramatically demonstrated the huge disparity between what consumers think costs are and what they actually are, which is why it's so important for families to educate themselves about the costs and plan ahead for how they will pay for those costs before it's too late," said Tom McInerney, president and chief executive officer at Genworth. Understanding and Funding Care Options As costs continue to rise, consumers should educate themselves on long-term care and options to pay for it, as follows:
A Helpful Resource to Have a Conversation with Loved Ones Through its "Let's Talk" online platform, Genworth offers a suite of tools and advice to assist families in beginning the planning discussion. This online resource provides tips on how to begin conversations surrounding long term care needs. Let's Talk also addresses common misconceptions surrounding care and provides a step-by-step discussion guide alongside key issues to cover – cost of care being one of them. Medicaid Planning in Virginia, DC, and Maryland Medicaid planning can be started while you are still able to make legal and financial decisions, or can be initiated by an adult child acting as agent under a properly-drafted Power of Attorney, even if you are already in a nursing home or receiving other long-term care. In fact, the majority of our Lifecare Planning and Medicaid Asset Protection Planning clients come to us when nursing home care is already in place or is imminent. Generally, the earlier someone plans for long-term care needs, the better. But it is never too late to begin your planning. Planning for long-term care will not eliminate your risk or your husband’s risk of needing it, but it enables you to sort options and make smarter decisions ahead of time. As a result, you’ll have the peace of mind that no matter what happens, you will know what to do as a family. As you have clearly not done any Long-Term Care Planning (and perhaps you’ve also neglected to do Incapacity Planning and Estate Planning), please call us as soon as possible to make an appointment for a no-cost initial consultation: Fairfax Elder Law: 703-691-1888 Fredericksburg Elder Law: 540-479-1435 Rockville Elder Law: 301-519-8041 DC Elder Law: 202-587-2797 ------ Critter Corner: Do Dogs Hold the Key to Successful Aging in Humans?
 Dear Baxter, My labrador retriever, Jessie, lived until she was 17 years old, making her a centenarian in human years. I heard of another lab that lived until 18, or 109 in human years. Have any studies ever been done on how our oldest canine companions can give us clues to how we can age successfully? Thanks, Doug E. Lifespann ---- Dear Doug, Thanks for your question. I hope to stick around for that long myself! Yes, there has been research on this fascinating topic. In fact, a leading veterinary gerontologist, Professor David Waters, from Purdue University College of Veterinary Medicine in Indiana is well known for his work on the subject of extending human health span. He has studied highly successful ageing in domestic dogs, particularly in the Rottweiler breed, with the ultimate goal of fully understanding the process of highly successful aging, including cancer resistance, in both domestic dogs and people. Details about his research and some of his findings have been captured in a 13-minute talk by Professor Waters on YouTube, that you can see here. Another scientist (a veterinary epidemiologist) named Vicki Adams was recently invited to be part of a team to evaluate the results of 10+ years observation of a group of 39 Labrador retrievers. Nearly one-third (28%) of these Labradors achieved an exceptional age, reaching or exceeding 15.6 years. This study, published this week in Acta Veterinaria Scandinavica, produced some exciting results about why some Labradors live to 16 or 17 and others only reached their expected average age of 12 or even below. A common theme was that the longest lived Labradors had a significantly slower rate of body fat mass accumulation over their first 13 years of life compared to Labradors that lived only to their expected average age of 12 or less, and they also had a significantly slower loss of lean body mass compared to those with the shortest lifespan. Do dogs hold the key to human longevity? Maybe. According to Adams, researchers are now interested in further evaluating the changes in body fat and lean body mass in canines, and how they apply to humans. Hopefully, these studies will aid in the development of strategies to improve our chance of healthy aging and living longer. Hope you take good care of yourself to live a long healthy life! Baxter -------- Sign up for our FREE Special Reports and get the answers to your burning questions! Just click on a cover below!  |
 Upcoming Events  Our upcoming Living Trust Plus Seminar: "How to Protect Your Assets from the Expenses of Probate and Long Term Care" is on May 14, June 18, or July 23 in Fairfax. View the calendar of upcoming seminars and sign up here. ----------
|
||
|
This email was sent to
.
|
