When drafting an estate plan and addressing long-term care needs, many people are wary of the expense of a nursing home or an assisted living center. Additionally, they may be interested in staying in their own home for as long as possible. As a compromise, they will consider planning to pay for in-home care in the future. This seems like it would accomplish both goals at the same time, making it a very valuable option.
But how expensive is it going to be? Home care often costs more than people assume, which is why planning in advance is so important.
The average cost
On a national scale, the average cost of home care is $4,957 per month. If you look at New York State specifically, the average is a bit higher, at $5,339 per month.
It’s also worth noting that the two figures above are simply for in-home care. This may include assistance with showering, running errands, getting dressed, cooking meals and other daily tasks.
But if you need in-home healthcare, it may address more complex issues, such as administering medication or doing different types of physical therapy. As such, the cost is a bit higher. The average national cost is $5,148 per month, while the average cost in New York is $5,529 per month.
Getting your plan in place
Healthcare planning is just one part of drafting an estate plan – and it can go beyond just planning for the costs. You may want to write a living will or an advance directive to leave instructions for medical professionals if you’re incapacitated, for instance, or you may want to use a medical power of attorney to choose an agent to make these decisions for you.
Considering how complex and expensive all of this can become, it’s very important to understand what legal options you have and what steps to take.