Many older individuals here in Michigan require some form of nursing home care. Unfortunately, such care can prove quite expensive. A recent report indicates that the average annual nursing home care cost in the state far exceeds the average income of the state's seniors.
According to the report, $93,075 is the average annual cost of care at Michigan nursing homes. Meanwhile, the average income that elderly individuals in the state have is $35,504. This means that, here in Michigan, the average nursing home care cost is around 262 percent of average senior income. This is a rather staggering percentage, and it outpaces the national average, which, in 2013, was 246 percent.
What do you think is causing nursing home care costs to be so high here in Michigan? Do you think efforts need to be taken to reduce such costs?
Given the high cost nursing home care has, one could see how such care has the potential to completely wipe out an elderly individual's savings and deeply cut into their family's resources.
Thankfully, a person doesn't simply have to wait until they require nursing home care and then just hope they can handle the cost consequences. Nursing home care costs are something that can be planned for in an estate plan. Included among the goals a person may want to direct portions of their estate plan towards achieving are the successful addressing of future nursing home costs and the protection of assets in the event that nursing home care is required.
Individuals who have questions about how to plan for nursing home care costs and other long term care costs in their estate plan should consider meeting with a knowledgeable estate planning attorney.
Source: Detroit Free Press, "Nursing home care now costs more than twice seniors' average income," Robin Erb, June 19, 2014