Long term care planning is important part of preserving your wealth for future generations and for insuring that you are given the best quality care during your golden years. As you probably realize, healthcare advances and preventative care awareness are increases the lives of all Floridians. The increase life expectancy is part of the reason why you hear politicians talking about social security, Medicare, and Medicaid going bankrupt.
You can find long term care statistics at www.longtermcare.gov and you will see why I harp on this stuff. “About 70 percent of individuals over age 65 will require at least some type of long-term care services during their lifetime. Over 40 percent will need care in a nursing home for some period of time.”
Long term care planning is important when you want to preserve and protect your existing assets from the costs of long term care in the future. You plan for long term care costs because you do not want to impoverish your spouse in order for you to receive care, stress out your children, and you maybe would like to leave an inheritance to care for future generations. These are the reason that I hear from my long term care preplanning clients.
The long term care costs in Jacksonville, Florida are staggering. Even though the costs of long term care in Jacksonville seem extremely expensive, the costs are actually consistent to much of the nation.
Prudential puts out a long term care cost study annually, which is the basis of my numbers. In Jacksonville, Florida, a private room at a nursing home is at a minimum $188 and a maximum of $283 per day. The average cost is a nursing home in Jacksonville Florida is $215 per day, $6,450 per month, and $78,475 per year. Holy cow!
Are assisted living facilities a cheaper option? Yes, the cost of assisted living facilities in Jacksonville is still very high though. A minimum monthly rate for assisted living facilities in Jacksonville, Florida is $1,500 and the maximum monthly rate is $3,900 dollars, with the average monthly rate of $2,907, which leaves the average cost of assisted living facilities in Jacksonville, Florida at $34,884.
To those folks working or owning a nursing home or assisted living facility in Jacksonville Florida, I’m not trying to belittle it you on the cost. The cost for assisted living in nursing home care are expensive all around the country because of the amount of trained workers, proper facilities, and supplies needed to provide sufficient care is high. Complaining about the cost of long term care is the same as complaining about the high cost of healthcare. The problem is that people do not protect themselves from long term care costs with the same thought process as they protect themselves from healthcare costs.
If anyone should learn anything from this article, you need to know that long term care costs should be considered in the same thing as health insurance and healthcare costs. An elder law attorney in Florida or financial advisor can help you sort out your options to deal with long term care costs.
If you would like a copy of the Prudential long term care cost guide that I referenced in this article, and please call or email me with your address and I will send you a copy.
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You may be in perfect condition right now but no one really knows what can happen in the future. You might develop a serious medical condition or you’ll meet an accident that will require you to get long term care. These are just some of the things you can consider in planning for your future. As early as now you should consider purchasing long term care insurance because premiums will be more expensive as you age.
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