Long-term elder care is a mounting expense for many people across the country. There are various options, but it seems that none of them are cheap.
This is leading many people to integrate nursing care into their estate planning strategy. However, before that happens, families usually need to have a frank discussion about the available options.
Nursing home care
Nursing homes are proliferating in Ohio: a fact to which anyone who has driven around the suburbs recently can attest. It also seems that this particular section of the healthcare industry is courting political power through large donations to state-level campaigns.
The optimistic view would be that this creates a wide range of options in the market. Families acting proactively should probably be able to find a facility that both meets their standards and fits their budget. The results of this research would typically belong in a similar place to legal estate planning documents, such as healthcare directives, powers of attorney and wills.
Aging in place
After injury or incapacitation, some families might prefer for their elders to age in place. This might require some home renovation, such as:
- Installing ramps
- Modifying bathrooms
- Putting in railings or lifts
- Building additions
Then, there is the issue of healthcare service. Home services tend to be costly, especially in more remote areas that require caregivers to travel extensively.
Planning for these expenses might involve saving up some money, but the unfortunate fact is that healthcare costs have the potential to completely decimate almost any nest egg. To make matters more complicated, assistance programs typically have strict eligibility criteria. Advanced strategy is necessary for most families to preserve their legacies for future generations.