While New York residents may not know for certain that they will need long-term care as they get older, it is a substantial possibility. While many people may hope that they will receive the necessary care if and when the time comes, hoping may not be enough. Instead, individuals may want to be proactive and plan ahead, especially to make sure they can afford needed care.
Addressing the potential for long-term care expenses could be as important as planning for retirement. Most people would balk at the idea of not setting aside any funds for retirement, but those same people may not think that setting aside funds for medical care is necessary. However, nursing home care can cost hundreds of thousands of dollars every year, especially if individuals want private rooms.
There are many ways that parties could address care expenses, and for some that may mean relying on family to help. However, this idea should definitely be discussed with loved ones first as many people may not have available funds to help. Another option would be to purchase insurance, which can be useful but also expensive.
To find the best avenues to plan ahead for long-term care, interested New York residents may want to enlist professional help. Estate planning attorneys could answer questions and explain possible options for preparing for and paying for care. In some cases, individuals may even be able to create a plan to qualify for Medicaid later. Of course, each case is different, and individuals will want to find the planning tools that fit their specific cases.