It's uncomfortable to think about the limitations we may face when our bodies age. Yet, doing so is imperative because a significant number of us will face health that declines to the point that we will likely need assisted care. This care can take on many forms and can be provided by many different people and providers. Regardless of the type of care one receives, it can be quite costly, especially if it is long-term in nature. By planning for long-term care, New Yorkers can better ensure that they will be able to obtain the care they need and desire without placing their loved ones in a dire financial position.
Tragically, though, far too many individuals wait until it is too late to start care planning. Some statistics should be sobering in motivating for those reading this post. To start, an individual that is 65 years old today will have nearly a 75 percent chance of needing long-term care at some point in his or her life. Also, studies have shown that, on average, women need about one-and-a-half more years' worth of long-term care than men, totaling 3.7 years. Also, those who wind up needing long-term care may need it for five years or longer.
Although some elderly individuals are able to rely on loved ones to provide them with the care that they need, oftentimes this turn out to be unfeasible. In fact, 42 percent of those receiving at-home care are paying for the services of others. Also, more than a third of individuals wind up receiving care in some sort of an institution, such as an assisted living facility or a nursing home.
Thinking about one's health worsening is unpleasant. However, by planning for how to pay for long-term care, families can obtain a peace of mind knowing that, should the need arise, they will not be financially ruined. Therefore, in order to ensure that they are properly protecting themselves and their loved ones, New Yorkers should think about discussing long-term care options with their attorney.