By Marissa K. Fitzpatrick, Partner, RCO Law
As holidays approach and families start getting together, it’s not uncommon to start noticing some changes in our elderly loved ones’ health. As individuals age and face differing health challenges, it can impact their ability to live independently, which is why long-term care planning is a crucial aspect of preparedness. Discussing the needs of our family members should involve a series of thoughtful steps to ensure that the care needs of our loved ones are met, while also considering financial, legal, and emotional factors.
Nursing home costs can be significant and vary widely depending on location, services, and the level of care needed. The majority of persons entering nursing homes today range in age from 75 to 84 years of age with most being women who have a higher average life expectancy. In the U.S., the average cost of a private room in a nursing home can exceed $100,000 annually. To prepare, it’s essential to understand how the financial options ranging from Medicare, Medicaid, private insurance and even personal savings all figure in to paying the costs of care.
To minimize financial strain, families often engage in estate planning, including setting up trusts, drafting powers of attorney, and establishing advance healthcare directives. These documents ensure that the elderly person’s financial and healthcare decisions are handled according to their wishes, especially if they become unable to make these decisions independently.
In addition, some trusts can provide families with peace of mind while affording the flexibility to pass certain assets down through generations to come. However, acting sooner than later is essential and advance planning prior to a crisis is time well spent. Waiting until a loved one has a major health change may limit care options.
Effective long-term care planning is key to ensuring a smooth transition later in life, as well as maintaining peace of mind for both the individual and their family. By evaluating care needs and understanding financial options, families can make informed decisions that prioritize both quality of life and security in the later years.
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By Marissa K. Fitzpatrick, Partner, RCO Law As holidays approach and families start getting together, it’s not uncommon to start noticing some changes in our elderly loved ones’ health. As individuals age and face differing health challenges, it can ...