If you have a loved one who is in a nursing facility, then you know how complex a life change it can be. What you might not realize is that due to the nature of the nursing care system and the current state of regulatory oversight, neglect can happen in ways that are difficult to detect or remedy on behalf of your loved ones. This is mainly due to the fact that these facilities are full-time homes for their residents, but family and other loved ones only see a small slice of what is happening. That dynamic makes understanding the signs of neglect important, so you can act to rectify a situation before there are unforeseen consequences.
As baby boomers continue to age, they face a number of issues that are far different from the concerns faced by their parents. Advances in medicine and technology have increased the average American life span, and many baby boomers in New Jersey and elsewhere can expect to live into their 80s and even into their 90s. With advanced age, however, comes the increased likelihood that many will require some sort of residential nursing care in their later years. This means that nursing home planning is an important topic for older Americans.
As 2015 begins, many in New Jersey have taken the time to consider things they would like to accomplish in the coming year. For many, planning for their retirement and beyond is at the top of that list. In addition to traditional estate-planning needs, many individuals and families are interested in learning more about the proper Medicaid planning.
When many New Jersey residents consider their estate plan, they focus on ensuring that they can pass their assets on to their loved ones in the manner that they wish. While this is a vital aspect of estate planning, there are other parts of the process that are just as important. Making sure that one’s own late-life needs are taken care of is a prime example. Unfortunately, many individuals fail to recognize the need to address nursing home planning.
For New Jersey families who are looking into their options for late-life care facilities, there are a number of tools and resources available. One of those lies in the yearly ranking of nursing homes conducted by U.S. News and World Report. The annual evaluation is conducted in the hopes of aiding the nearly 1.4 million families who have to make this difficult decision every year. When it comes to nursing home planning, these types of evaluations can help make the decision-making process easier for all involved.
New Jersey residents who are planning for retirement may find the case studies of estate planning individuals interesting. Nursing home planning is an example of an area that should be carefully considered in retirement years, and many couples face concerns about whether their assets will last to cover such expenses. A list of priorities for retirement is important as many couples face interests in traveling and other enjoyable activities. At the same time, they face the need to preserve assets for unexpected medical and care needs.
New Jersey residents who are planning for their futures may wonder about how to reduce estate taxes or avoid using their savings to pay for their long-term health care needs. One advisor recommends that couples start their estate and nursing home planning while they are healthy.
New Jersey residents who are older sometimes end up developing Alzheimer's disease, and as the population continues to age, the number of Americans with this disease is expected to rise. Currently, more than five million people have Alzheimer's, and the rate of individuals with this disease doubles every year after the age of 65. Since this medical condition leads to decreasing memory and abilities, financial and nursing home planning are essential.
A recent study on middle income boomers by Bankers Life and Casualty Company showed that while members of this age group generally have a financial plan in place for their final life expenses, they are largely unprepared for any future that may require nursing home planning or Medicaid planning. Many, aside from plans for their final expenses, simply have plans to retire based on their financial situations.
Last week we discussed a study that found African Americans were less likely to have certain estate planning documents in some situations. Specifically, they were less likely to have advance directives or living wills when they were residents of a nursing home or recipients of home health care. Another recent study found that those with a serious mental illness also represent a group of people less likely to have these important documents.