According to Missouri Attorney Melissa Leavy, the average nursing home stay ranges from $5,000 to $6,000 per month per parent. Using her math, having two parents in long-term care could cost anywhere from $120,000 to $144,000 each year. Our parents can quickly burn through their retirement savings at this rate. Moreover, many of us do not have an additional $144,000 to spare each year.
There are a variety of options available to people who want to plan for long-term care. However, the majority of these methods need to be implemented many years before our parents enter the nursing home. This means that the best time to talk to our parents about their plans for the future is when they are healthy and early in their retirement. Planning with healthy parents also allows you to frame the conversation in terms of if you would need long-term care rather than in terms of when you go to the nursing home. This is an easier conversation for everyone.
ABOUT TAWNYA TADDIKEN JOHNSON, J.D., M.A: http://tawnyataddikenjohnsonlawyer.blogspot.com/2016/07/tawnya-taddiken-johnson.html
This post is written for educational purposes and does not create a lawyer client relationship.
To read more about the future of social security http://www.bloomberg.com/politics/articles/2016-09-09/clinton-trump-campaigns-turn-social-security-politics-on-its-head
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