Planning for the future involves anticipating expenses, and it is a good idea to take this very seriously and pragmatically. You want to have solid numbers to work with, and you also want to remove the rose-colored glasses when you’re working with them. The last thing you want is to be overly optimistic and find yourself in a difficult position when you are reaching an advanced age.
With the above having been stated, Americans who are planning for their elder years should understand just how expensive long-term care has become. Most senior citizens will need long-term care of some kind, and the average length of stay is between two and four years. These are facts that you have to accept if you want to plan ahead intelligently.
Every year the MetLife Mature Market Institute puts out a survey for public consumption that enlightens us with regard to the current state of long-term care costs. They have released their 2011 figures, and as expected, long-term care costs are continuing to rise.
The national average for a year in a private room in a nursing home in the United States in 2011 rose by 4.4% to $87,235. The average cost in New Jersey was $316 a day and if you multiply this by 365 you’re looking at $115,340 per year. This is certainly a significant expense for most people.
As considerable as they are, there are steps that you can take to prepare yourself for these expenses. To explore your options, take a moment to arrange for a consultation with a licensed and experienced central New Jersey Elder Law attorney.