My Father-in-law, 95 Y.o., Will Need A New Pacemaker Within

My father-in-law, 95 y.o., will need a new pacemaker within the next year. His pacemaker is doing ALL the work, not just regulating his heartbeat. If he receives a new pacemaker doesn't that just set him up to live the remainder of his life with a "heathy", functioning heart but with continued declining physical health, increased memory loss, etc. vs. letting nature take its normal course? He says he wants to die at home, doesn't want assisted living, nursing home care, etc. We want what's best for him and want to honor his wishes but don't want to see him wasting away, bedridden and miserable because he is dependent on others for his personal hygiene, etc. He is adamantly against becoming increasingly dependent on others.