That above headline is far from overstated: These days, the cost of long-term care for individuals and couples in New York and throughout the United States is unquestionably high.
And the price for care is certainly not going down. According to a recent media article on the subject, even a semi-private room in a nursing home can cost upwards of $150,000.
It seems almost understandable why many people might want to simply bury their heads in the sand over such a reality. They might flatly think that options do not exist that will help defray the costs of such care in the future and help to ensure safe and comfortable living arrangements during the advanced years of life.
An experienced estate planning attorney with proven acumen in long-term care planning can work closely with a client to help craft a sound strategy for dealing with future planning needs.
Input from a seasoned attorney with specialized knowledge of this important area can help a client identify and select from among long-term planning options that might be available to render care adequate and affordable in the future.
Indeed, those do exist, but timely and well-considered action is advisable to gain the fullest possible benefit from them.
Long-term care insurance is just one of many planning options that might strongly benefit an individual or couple. Given that such insurance does not make the most sense in every case, though (it can be too expensive, for example), other options, too, merit consideration.
Those include so-called “hybrid” products such as life insurance policies that provide for payouts in the event that long-term care expenses arise. Reverse home mortgages and various types of annuities are also viable options for some people.
And then there is of course Medicaid, which many Americans will take advantage of. This is a means-tested program with a number of specific requirements and timing considerations.
An estate planning attorney with a tenured background in helping clients with their long-term needs can answer questions and help devise a plan that makes optimal sense.
Source: Forbes, “New and unexpected ways to fund long-term care expenses,” Jamie Hopkins, April 21, 2014