As they age, most Massachusetts residents will need to pay for some sort of long-term care.
Whether an individual needs a nursing home stay, and for how long, depends on many things. That said, over half of all women and about one-third of all men need to stay in a nursing home at least for a short time at some point in their lives.
Over 30% of all women and about 15% of all men will need to stay in a nursing home for over a year.
It is also important to keep in mind that nursing homes are not the only type of long-term care for which people need to plan. A Massachusetts resident may choose instead to live in an assisted living facility or a senior facility that offers independent living.
A person may also opt for services in their own home that can range from someone helping with the housework to full-time in-home medical care.
These services are expensive, and they are not getting any cheaper.
For example, according to a Commonwealth of Massachusetts website, a person on average will pay $132,000 a year for a nursing home. The cost of individual homes can be higher.
Although cheaper, assisted living can still cost close to $85,000 a year. The cost of in-home services depends on what services are being provided. Having a nurse in one’s home can cost over $30,000, and that if they only are there 3 days a week.
To cover the cost of long-term care, Massachusetts residents need to plan
Very few people can afford these prices out of their own savings, especially if they also hope to leave a legacy to their loved ones after they die.
It is a good idea for people to start thinking through the details of a legal and financial plan so they can both afford long-term care and protect their assets as much as possible.