Given that many people will need some form of support from long term care services in their older years, it’s critical to understand how this might impact your retirement savings and other financial situation.
A consultation with a dedicated estate planning lawyer can help you to clarify some of these questions. A recent study found that 7 out of 10 people aged 65 and older will need some form of long term care throughout their lifetime. Many don’t have a specific plan set aside for this.
Between 2004 and 2020, the cost for in-home services and facility services rose from 1.9% to 3.8% per year. Some care costs are surpassing the US inflation rate as an example, which means that you could face substantial long term care costs.
Factors that can contribute to rate increases for long term care includes supply and demand, wage pressures, personal protective equipment costs, labor shortages, employee recruitment and retention challenges, and regulatory changes.
This might lead you to think about retiring and living in a different state to minimize your estate planning and long term care costs. Some of the most affordable states as identified by the study include Utah, Kansas, Iowa, Kentucky, South Carolina, Tennessee, North Carolina, Georgia, Mississippi, Arkansas, Oklahoma, Texas, Missouri, Alabama, and Louisiana.
Do you need a plan for long term care? If so, the support of an elder lawyer can help you with crafting a plan that aligns with your individual needs and wishes. Set up a consultation today to discuss this further. Our NH elder law office is here to support you and your family with long term care needs.