Planning for the future is no easy task. Many New Yorkers are so busy that they are lucky to plan as much as a week in advance, let alone years or decades. Yet, failing to engage in proper planning can result in significant financial hardship down the road, not only for an individual but also for his or her family. While estate planning is certainly a key aspect of this endeavor, so, too, is care planning.
As we age, our planning needs change. While at one time we may have been concerned about planning for a family or retirement, at others we should force ourselves to confront estate planning and long-term care planning. When it comes to care planning, failing to take proper steps can leave loved ones facing exorbitant costs that can be difficult, if not impossible, to manage.
Although nursing homes exist in almost every community across the United States, most of us fail to recognize that we may need long-term care as we age. This is troubling for two reasons. First, a significant portion of the population will end up in a nursing home. While some studies indicate that an individual who is age 65 runs a 35 percent chance of staying in a nursing home at some point in their life, other studies find that the risk is much higher.
When it comes to saving money, we all often think we have more time than we really do. This is true with both estate and care planning. The costs associated with long-term care can be staggering, which means that the time to start saving is now. Those who fail to take action to prepare themselves for potentially needing long-term care could wind up leaving themselves and their loved ones in a dire financial predicament.
As we age, our needs change. While our younger years may be focus on building a family and accumulating wealth; our elderly years, may focus primarily on caring for ourselves and preparing to leave our assets behind to our loved ones. Although many people are aware of the estate planning process and how it can be beneficial to them and their family, some fail to recognize the importance of long-term care planning. Thus, it is imperative to understand some of the mistakes to avoid when considering this important issue.
As we age, our needs increase. We may need extensive medical care after the onset of an unexpected medical condition, long-term care may become necessary, and for some, a live-in aid may prove beneficial. As helpful as these services can be, they can also be quite costly. This can be problematic for individuals who are retired or are unable to work on account of their condition. This is why care planning is so important.
As we age, our needs change. Whereas younger individuals may focus on making money and living an adventurous life, those reaching their later years may be primarily focused on how to retire with not only financial stability but also with a solid plan for their medical care. After all, medical care can be expensive, especially in one's later years. With most individuals losing insurance when they retire, most elderly individuals need to look elsewhere to ensure that their health care costs are covered.
The last thing any of us want to think about is our final days. Unfortunately, like taxes, death is inevitable. And none of us know when our time could be up. Barring any serious injury or sudden illness, our body slowly breaks down, limiting our abilities, both mental and physical. This could mean that our mental abilities break down, including the ability to communicate our wishes to family members or medical professionals