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Medicare may not fund the Golden Years: estate planning now

There's no doubt about it: when it comes to health care, the older we get, the more complex--and expensive--health care can get. Long-term nursing home care is perhaps one of the most expensive forms of health care, and one that many Americans will need in their later years. The good news is this: with some careful planning, the transition to long-term nursing home care doesn't have to be as much of a strain on Detroit residents' bank accounts.

To put the numbers in perspective, consider that, in New York for instance, the average per-day cost of a private room in a long-term nursing home care facility is $358. For most people, being able to afford that price will require some out-of-pocket spending. Medicare only covers nursing and home care for a brief period following a traumatic event. For many seniors, the decision to get the long-term nursing home care they need is delayed or even avoided because they think they cannot afford it.

It is absolutely critical that people in Michigan plan early for their later years. Proper estate planning can help ensure that an effort is made to save as much money as possible to help fund long-term nursing home care, if required. None of us knows what may lie ahead, so it's always better to plan for what could be. It's never too early for Detroit residents to try to make the golden years as fruitful as possible.

Source: Your News Now, "Long-term care cost increasing steadily," Katie Gibas, Nov. 10, 2011

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