According to elder law expert Bernard Krooks preparing for long term care decisions in advance of need is your best policy.
Who will make decisions for you when you are no longer able to make them yourself? According to Bernard Krooks, a partner with Littman Krooks and chair of that firm’s elder law and special needs department, the best way to address this problem is by searching for and retaining a certified elder law attorney who can draft the appropriate documents that you’ll need, including durable power of attorney, advance health care directives and the like.
Retirement planning: Older Americans face tough long-term care choices
Here’s some information that may be surprising to some… the cost of assisted living is roughly the same as home health care. Not surprisingly, adult day care costs are relatively low comparatively according to a Genworth care costs study…
According to Krooks, most seniors want to stay at home; but that can be expensive and introduce the risk of elder abuse. According to the Genworth Cost of Care Survey, home health care costs were on average about $4,000 per month in 2017, while an adult day care facility was about $1,500 per month.
“Assisted living is custodial care given in an apartment-like setting; however, it is basically a landlord-tenant type relationship with no federal protections, although there are state laws and licensing requirements,” says Krooks.
According to the Genworth Cost of Care Survey, an assisted living facility cost on average $3,750 per month in 2017.
“Nursing home is the last resort for most,” says Krooks. “It provides 24/7 medical care.”
According to the Genworth Cost of Care Survey, a semi-private room in a nursing home cost on average $7,148 per month in 2017, and a private room was $8,121. Of note, Krooks says the Nursing Home Reform Act of 1987 provides numerous protections regarding payment and admission/discharge issues.
thumbnail courtesy of usatoday.com
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