Protect Your Assets By Reducing Your Future Long-Term Care Costs
While you may have strived all your life to provide for yourself and your loved ones, unexpected injuries and prolonged illnesses can quickly derail any financial security you have managed to attain. Long-term care costs can quickly add up to hundreds of thousands of dollars, depleting your savings and robbing your children or other beneficiaries of any inheritance you intended to leave behind. To prevent this, it is important to take action now in implementing asset protection strategies, before long-term care is needed. The following are some simple steps you can take to help you be better prepared.
Reducing the Need for Long-Term Care
According to the New York Department of Financial Services, the average cost of long-term care costs, such as those provided by a nursing home or other assisted living facility, average to roughly $100,000 per year. These types of costs are not something that only the very old or affirm end up having to pay. People of any age can find themselves in situations where their health makes them unable to provide for themselves. One of the simplest ways you can avoid future long-term care costs is to take the steps now to reduce the likelihood they are needed.
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Manage chronic conditions. Leading an overall healthy lifestyle is an important first step in reducing your need for advanced care in the future. This includes managing any chronic conditions you may have, such as diabetes, high blood pressure, and heart disease.
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Take safety precautions. It is not only illnesses which can leave you requiring long-term care. Accidental injuries, such as work related mishaps and car accidents, can also leave you incapacitated. Be mindful and aware of simple safety precautions which can help reduce your risks.
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Consider accessibility issues in your home. As you get older or when you are considering retirement, take a look at your home. Lots of stairs or a larger property can present challenges in the future.
Trimming Long-Term Care Costs
In addition to taking steps to reduce your overall need for long-term care in the future, there are also actions you can take to reduce the amount you will have to spend. U.S. News & World Report recommends the following tips:
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Consider community services. In New York, there are plenty of community based services available, which can help you remain in your home longer.
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Consider purchasing long-term disability insurance. A long-term disability insurance policy can help to protect you against unexpected events.
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Consider long-term Medicaid planning. Taking part in Medicaid planning now can help you avoid depleting your savings on nursing home care costs.
Let Us Help You Today
When it comes to protecting your assets, Cavallo & Cavallo provides the trusted legal guidance you need. To discuss strategies for reducing future costs, call or contact our New York asset protection attorneys online today and request a consultation in our Bronx or Westchester office.
Resources:
dfs.ny.gov/consumer/ltc/ltc_about_cost.htm
money.usnews.com/money/retirement/medicare/articles/2018-03-21/9-ways-to-reduce-health-care-costs-in-retirement
https://www.cavallolawyers.com/four-ways-to-protect-your-assets-in-anticipation-of-divorce/
