When we are children we look up to our parents and rely on them for everything. Once we enter adulthood we still need our parents in any number of ways, and this dynamic is something that is embedded in all of us.
However, the truth is that your parents may well need your help some day when they reach an advanced age. Most people who reach their middle 60s will indeed need some help with their day-to-day needs eventually. According to the Medicare website 70% of this assistance is provided by family members and friends.
There is however a limit to what you can do as an adult child who is assisting a parent or parents. As a result many elders do ultimately reside in nursing homes. The United States Department of Health and Human Services states that there is a four in 10 chance that an individual who reaches the age of 65 will spend time in a nursing home.
This is important to understand because nursing home care comes with a hefty price tag, and Medicare does not pay for it. In New York it costs in excess of $100,000 on average to spend a year in a nursing home. And, 10% of people who require nursing home care spend at least five years residing in these facilities.
There is a lot to think about if you recognize the fact that your parents are going to be relying on you to one extent or another. The best way to sort it all out and explore your options is to sit down and discuss everything with a licensed and experienced Long Island elder law attorney.