Aging is an inevitability of life and, as we age, it’s important to take steps to plan for one’s changing needs. For many families, it may not be possible for a grown child to provide the level of care an aging parent requires, without future care considerations.
As time marches on, diminishing physical strength and possible changes to one’s cognitive functioning may result in an individual requiring some assistance with daily tasks related to personal hygiene, housework and running errands. In other cases, physical or cognitive impairments may make it unsafe for an individual to remain in their own home.
The services provided by home nursing aids and members of a nursing home staff help provide for an individual’s safety and overall health. Such services, however, come with a hefty price tag. According to the American Association for Retired People, the average annual cost a nursing home resident pays is in excess of $50,000. If and when the time comes and an individual moves into a nursing home, how can one ensure that he or she is able to foot the bill?
Many individuals don’t have the financial means to afford the type and quality of care they may one day need. It’s important, therefore, to take steps to plan for one’s future long-term care needs and to devise a plan for how to finance those needs. In addition to maximizing one’s own financial resources, qualified individuals may have a portion of long-term care costs covered under Medicare or Medicaid.
The regulations and rules related to these federally-funded programs can be confusing. An estate planning attorney can answer questions and assist an individual in developing a comprehensive long-term care plan that will meet their future needs.
Additional resources provided by the author
For more information, please contact estate planning attorney Regina Kiperman:
Phone: 917-261-4514
Email: rkiperman@rklawny.com
Or visit her at her new location:
80 Maiden Lane
Suite 304
New York, NY 10038
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