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Survey: many Americans guess low on home care costs

On Behalf of | May 13, 2016 | Trusts |

Long-term care does not necessarily mean care at a facility. Depending on their particular circumstances, an elderly individual may be able to get their long-term care needs met in their own home, such as through home care services.

Getting long-term care at home is something many elderly individuals may see as much more attractive than having to move to a care facility. However, just because a given long-term care option lets a senior live at home does not mean a senior can’t face any challenges in relation to it, such as challenges in meeting the costs of such care.

Like other types of care, long-term home care can get expensive. A recent study indicates that a good chunk of the American public may not have a solid grasp of how much home care can end up costing.

The study found that when it comes to home care generally, four-fifths of adults in the U.S. are off on the low side in their guesses on what such care costs, with around a third of U.S. adults estimating the monthly costs of home care to be well over $3,000 less than the national median for the costs of two common types of such care. In regards to long-term home care, Americans average a nearly 50 percent underestimation of the costs of such care, according to the study.

A person guessing too low on what home care costs could lead to them not making the right kind of preparations when it comes to planning for the possibility of needing home care in their elderly years. So, having the right information regarding home care costs can be important when making plans regarding possible future home care needs.

Costs are not the only thing it can be vital for a person to have the right information about when planning for the expenses of potential future long-term care. Another such thing is the estate planning mechanisms that can be used for preparing for such care. Setting up such mechanisms, such as trusts, without having the right information and guidance could result in the mechanisms not having the desired or expected effects. This is one reason why, when it comes to estate planning directed towards addressing issues related to long-term care, it can be a good idea for a person to have a skilled elder law attorney’s guidance.