Lee R. Schroeder is an Ohio licensed attorney with Schroeder Law LLC in Ottawa. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at [email protected] or at (419) 523-5523. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.
As Americans are living longer than ever, the need for long-term healthcare continues to grow. Within 25 years from today the cost of living in a nursing home could be as high as $200,000 per year. Many people save money to pass on to their children and grandchildren, but it’s easy for that saved money to be quickly spent on living in a nursing home or assisted living facility. Fortunately, there are some options when planning for a potential move to a nursing home.
Generally speaking, we Americans live longer than we ever have. As a result, our need for long-term healthcare continues to increase. The cost of assisted living or nursing home residency in our area currently runs between $40,000 and $90,000 per year. Living at home can decrease that cost, but sometimes living at home actually requires most expensive healthcare.
Within 25 years, the cost to live in a nursing home, even with a roommate, could exceed $200,000 per year.
While this all sounds incredibly expensive, there are several options to consider to make it a little easier on your bank account. Read Lee’s article in the Lima News discussing planning for the nursing home here: Legal-Ease: Nursing home planning usually includes Medicaid planning
Source: LimaOhio.com, “Legal-Ease: Nursing home planning usually includes Medicaid planning,” by Lee R. Schroeder, May 7, 2016