What do you do when you are on a fixed retirement income and your necessary care costs are more than you can afford? Unfortunately, this is becoming a common occurrence in our nation. In fact, your odds of needing long-term care (LTC) during your lifetime are about 50%, and with the average cost per month hovering around $6,000, you should start preparing now.
With over 500,000 individuals and families have become destitute each year due to LTC expenses, it is especially important that you are able to find the care you need and have the means to pay for it.
I never imagined the kind of devastation that can be caused by a loved one going into LTC until I had to deal with it personally when my grandfather was admitted to a LTC facility. Luckily he had a LTC insurance policy that covered the first three years of his stay. However, now we have to bleed through his assets at an average cost of $6,600 a month, which does not include his medications or other medical bills. It is saddening to think that this cost of care is only going to increase over time.
At Morris Hall we help thousands of individuals and families to find the necessary care and to also find ways to pay for it. There are multiple ways to cover the costs of this care and MH can help you put together a plan to ensure you or your loved one are properly taken care of. Contact us at 888.222.1328 to find out how we can help.
About Morris Hall:
At Morris Hall, we have focused our legal practice on estate planning for over 40 years. Along with estate planning, our attorneys help clients and their families with matters of probate, trust administration, wills, power of attorneys, business planning, succession planning, legacy planning, charitable gifting and other important legal aspects. We also have divisions in financial, real estate and accounting to help you incorporate all of your planning together, ensuring that everything works perfectly for your needs and situation. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.