Most people hope to live a long and healthy life. Today, more people are living longer than ever, but those lives are not always free from medical issues. In fact, many New York residents may need long-term care at some point in their elder years, and it may be wise to plan ahead for that possibility.
The main issue revolving around long-term care is the ability to pay for care. Many facilities and services are expensive, so planning ahead is often necessary to prevent unnecessary hardships later. Costs can range from $45,000 per year for one bedroom at an assisted living facility to over $97,000 per year for a private room at a nursing home.
In order to stay on track with finances throughout life, parties may want to review and update their financial documents periodically. These can include long-term care insurance policies as well as other estate-related accounts. The costs associated with care could result in some accounts becoming depleted if protective measures are not put in place, and taking the time to review documents, accounts and protective options could help avoid risking estate funds in the event that care is needed.
Planning ahead is often wise for potentially needing long-term care. Fortunately, many estate planning options can help New York residents prepare for this type of need. Individuals may find ways to set aside funds, spend down for Medicaid qualifications, leave instructions for care and address many other aspects. Speaking with experienced attorneys can help interested parties better understand their planning avenues.