When you’re looking at all of your assets and starting to think about building an estate plan, it’s necessary to take into account future expenses. One of the most important sections of your estate plan will be the part that deals with end-of-life care and contains stipulations for nursing home placement.
For many, a large chunk of the aforementioned expenses will come in the form of healthcare services, medication and the cost of a nursing home. Making sure you have enough money for all of these variables can be tricky – especially if you are trying to leave some assets behind for family and loved ones.
So, saving money will be important.
In a recent study, Courtland Healthcare Technology partnered with Healthsense and the NewCourtland LIFE Program to look at the effect of remote monitoring systems on an elderly person’s ability to remain (reasonably) autonomous.
With this technology in place, former nursing home residents were able to live in special housing, as opposed to a home, and a total of $1.85 million was saved per year in healthcare costs. While the study aimed to show the effectiveness of the company’s product, it also did a good job illustrating the ability of such technology to change the face of healthcare for the elderly.
This could have big implications for those writing up their estate plans, looking at their assets to see how much they have to put towards things like nursing home expenses. Restructuring the costs associated with this type of care could prove to be very important to those planning for asset protection and distribution.