An experienced certified public accountant and financial advisor, Richard Belott has co-owned and operated Belott & Company CPAs since 1992. As part of his responsibilities with this Chatham, New Jersey-based firm, Richard Belott helps clients plan for expected and unexpected nursing home care.
New Jersey may have expensive nursing home care compared to most other states, but across the nation the annual cost of both semi-private and private rooms are incredibly high at $97,747 and $111,657, respectively. By 2030, experts expect these annual costs to skyrocket to $123,823 for a semi-private room and $141,444 for a private room.
Because most people will need long-term care in their senior years, they should develop a financial strategy to pay for it. Skilled financial advisors can help clients allocate specific savings and investments to cover nursing home costs. They can also suggest long-term care insurance coverage, including any relevant federal and state insurance programs. Of course, a well versed financial advisor will help clients take full advantage of all available Medicare, Medicaid, and Veterans Administration benefits that apply to long-term care.
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