If you have an elderly loved one with a disability, it may be something that they have dealt with all their life, such as the result of an injury as a young adult. It may also be the direct result of aging, such as the ramifications of a stroke.
Either way, you know that there are significant costs associated with this disability. There are also high costs associated with aging itself. It’s critical to do financial planning and long-term care planning in advance to make sure that you and your loved one are ready for these challenges.
People are growing older
One factor to consider is that people are living longer. Studies indicate that high-cost long-term care is more likely for those who are 85 years old and older, and that more and more Americans are making it into that age group.
In many ways, these are great statistics. They reflect how far medical technology has come and how we can treat diseases that were once deadly. They show how much more we know about nutrition and healthy habits; people used to think smoking wasn’t bad for you, for instance, but the deadly issues are now well-known.
However, they also correlate with some extra costs as people age. They can lead to greater odds of a disability or more years spent living with that disability, which directly leads to higher costs.
Getting ready for the future
Those who are unprepared for these costs can find themselves feeling overwhelmed. It’s critical to look into all of your options so you can prepare in advance. An experienced attorney can help you figure out what works best for your needs.