The Need for Planning
Many of us work our entire lives and envision the golden years as a time to reap the benefits of our hard work. But in some cases, the “golden years” can be tarnished by a failure to plan. In fact, many older Americans fear that as they age, poor health may cause a loss in personal independence and may restrict their ability to live as they choose. Nursing homes and assisted living facilities mean a loss in personal autonomy as well as a significant financial burden. In New York some facilities can cost between $108,000.00 and $156,000.00 a year. Many people pay for nursing home care out of their savings until they run out. Then they can apply for Medicaid to pick up the cost. The advantages of paying privately are that you are more likely to have access to the facility of your choice and it can eliminate or postpone dealing with the New York State Department of Social Services— a time-consuming and difficult process. The disadvantage to paying privately is the expense. Careful planning, whether in advance or in response to an unanticipated need for care, can help preserve your estate for your family. One way to plan ahead is to purchase long-term care insurance. Another way to plan is to make sure you receive the benefits to which you are entitled under the Medicare and Medicaid programs. Veterans also may qualify for benefits from the Veterans Administration. | 
