Share

Michigan Elder Law Today

Wednesday, November 2, 2011

Nursing Home Costs Rise Again

A recent report finds what many of us working with older people and their families already know, which is the cost of nursing home care continues to rise.  MetLife’s Mature Market Institute’s 2011 survey determined that the statewide average cost of a semi-private room in a Michigan nursing home is $220 per day or $6,600 per month.  Many of our clients in nursing homes in northern Oakland County are paying more than that at about $230 to $240 per day.

The MetLife study also cites interesting U.S. Census Bureau statistics that the median age of U.S. nursing home residents is 82.7 years.  Often, people who have not dealt with long-term care in their family think of nursing homes as being places for people in their 90’s or older.  Moreover, many also erroneously think of nursing homes as places people move to when they are quite incapacitated and about to pass away in a few weeks or a month or so.  The survey makes clear that nursing home residents are made up of people ranging in age from their 60’s to their 90’s and older.  While some stays are short term, average stays in a nursing home are about 2 years.    

As such, given the high costs and high chance of living in such a facility for a long time, it is important to plan ahead about how to pay for long-term care.  Long-term care insurance should be considered, but many seniors wait too long to obtain such policies and then feel they cannot afford the $3,000 to $5,000 annual premiums or they may not pass the health underwriting standards for the insurance.  Estate and longevity trusts or Medicaid Asset Protection Trusts should be considered, either alone or in conjunction with long-term care insurance policies.


Archived Posts

2018
2017
2016
December
November
October
September
August
July
June
May
April
March
February
January
2015
December
November
October
September
August
July
June
May
April
March
February
January
2014
December
November
October
September
August
July
June
May
April
March
February
January
2013
2012
2011
December
November
August
July
June
May
April
March
February


Estate Planning & Elder Law News

Elder Law, Estate Planning, and Probate attorney Andrew Byers helps people in Troy, MI and throughout Oakland County, MI including Royal Oak, Clawson, Berkley, Huntington Woods, Rochester Hills, as well as throughout the metro Detroit area, including Macomb County and Wayne County, Michigan.



© 2018 Andrew Byers, PLC | Legal Advisory
2833 Crooks Road, Suite 104, Troy, MI 48084
| Phone: 248.469.4261

Elder Law | Estate Planning | Probate & Estate Administration | | About Us | Articles

Attorney Website Design by
Amicus Creative


© Andrew Byers, PLC | Disclaimer | Law Firm Website Design by Zola Creative
2833 Crooks Road, Suite 104, Troy, MI 48084 | Phone: 248.469.4261