Estate planning obviously involves preparing your financial assets for eventual distribution to your heirs after your passing. However, it is best to take a comprehensive approach and consider all the eventualities of aging when you are making preparations for the future.
While some people do pass away suddenly or relatively suddenly many people experience a slow decline. This is especially true when you reach an advanced age, and more and more people are living into their mid-80s and beyond according to the geriatric statisticians.
Some people go through life assuming that Medicare will be the solution to any and all health care situations that arise once they become eligible to enroll in the program. The truth is that Medicare does not pay for nursing home care.
In New York in 2012 the average daily charge for a private room in a nursing home was $368. This equates to over $134,000 per year.
Some people need living assistance but they can do without everything that is provided by a nursing home. Many of these individuals can continue to live at home with help from family members and/or paid caregivers.
Depending on the exact nature of the limitations that you may have your home could be retrofitted to make living easier for you.
Another option would be to reside in a residential care home. These facilities offer non-medical custodial care and they are considerably less expensive than nursing homes.
There are a lot of things to take into consideration if you want to be ready for any and all contingencies that you may face late in your life. To develop a cogent plan for aging take action right now to set up an appointment to speak with a licensed and experienced elder law attorney.