One thing to focus on when doing long-term care planning is the cost of this care. Many people know that they may eventually spend their final years in an assisted living center or a nursing home. If they can’t live at home safely, then one of these facilities can provide a safe and beneficial living situation.
But is that realistic for everyone? It may not be, depending on the cost. So how much is a nursing home going to cost for someone in New Jersey? What can you do to plan in advance?
The average cost
The cost does depend on the type of room that you get in one of these facilities – and the type of care that you need. A fully private room often costs more than a semi-private or a shared room. That said, the average cost at these facilities is around $12,000 per month. That adds up to $144,000 per year.
As you can see, living in a nursing home or assisted living facility can be prohibitively expensive. Residents need this type of care, often from registered nurses and others with extensive training and experience. But it is very expensive to live in a facility that can provide these services.
That is why advance care planning is so important. It may be possible to put money in a trust to cover some of these costs. There may be government benefits that you can use, such as Medicaid. There are many different estate planning steps you can take to focus on long-term care planning in advance, making it go smoothly. Be sure you know exactly what options you have and what steps to take.
