Tag: Cost of Long Term Care

This hour, elder law attorney Jim Koewler at the Koewler Law Firm looks at the criteria used to compare planning strategies. There are three basic strategies: do nothing, buy insurance, or give away assets. The criteria Jim uses compare those methods are: the cost to implement the strategy, the risk to your money, how convenient is it to carry out the strategy, how much control does it give you over money, and the likelihood that it will protect your assets.

This hour, elder law attorney Jim Koewler at the Koewler Law Firm provides us with a guide to help those who are worried about long term care costs in the future. He talks about how older senior loved ones can protect their life savings and plan for the costs of long term care. Goals are to avoid becoming a burden to our children, leaving a financial legacy, military benefits, earning a feeling of accomplishment and preserving your identity.

Kelley Smith at CarePartners Living discusses costs of various senior living arrangements. An over-55 retirement community can cost $900 - $1500 per month. Independent assisted living with 24-hour caregivers, nurses, full-time activities, and meals can cost $3,000 to $6,000 per month. Memory care ranges from $4,500 to $7,500 per month.

Generally, until you cross into this world of needing to find options for care and housing for elders, it’s not something you think about,...

David Clemons talks about Long Term Care Funding.

A big consideration in long-term care, whether it’s memory care or retirement living, is how in the world to fund it. Daphne Davis at...