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Understanding the Rising Costs of Long-Term Care

Posted on July 29th, 2022

Our Mooresville attorneys at Daly Mills Estate Planning provide customized legal solutions for clients throughout North Carolina, so they can confidently plan for their futures. In many cases, that means planning for long-term care — even when they are in excellent health.

Estate planning strategies are designed to help our Lake Norman area clients prepare for any designated plans, including those they cannot anticipate, so they are ready for what comes their way as they age. That includes the potential need for long-term care.

According to Genworth, seven out of ten people will require long-term care in their lifetime. That could mean financial trouble for those who do not have a plan in place.

Like most services, supply and demand, staffing issues, and inflation are all leading to significant price hikes.

What are the Average Long-Term Care Costs in North Carolina?

Last year, the annual median cost for home health aides nationwide grew by 12.5% to $61,776, while homemaker services increased by 10.64% to $59,488.

Over the same period, the monthly median costs for long-term care in North Carolina were estimated at:

In-Home Care

  • Homemaker Services $4,385
  • Home Health Aide $4,385

Community and Assisted Living

  • Adult Day Health Care $1,197
  • Assisted Living Facility $4,010

Nursing Home Facility

  • Semi-Private Room $7,483
  • Private Room $8,213

Our Mooresville estate planning attorneys can help you and your family understand the rising costs associated with ongoing care and help you create a customized approach to protect your assets, pursue Medicaid solutions, and develop long-term care planning that is right for you.

Contact Our Trusted Estate Planning Attorneys in Mooresville, North Carolina Today

To learn more about how we can help you establish a long-term care plan that helps safeguard your future, call us at (704) 286-8437 to schedule an initial consultation with our Medicaid & Long Term Care Planning Attorneys in Mooresville, North Carolina today.