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medicaid planning for nursing home and home health care expenses Archives

Nursing home and home health care expenses higher than expected

For many residents of New York, the question is not if they will need long-term health care, but when. Despite this, few individuals adequately plan for such an eventuality. Unfortunately, the cost of nursing home and home health care expenses is often much higher than most people think, and without proper Medicaid planning, a regrettable number of seniors and their families find themselves worrying and unprepared.

With nursing home stays on the rise, Medicaid planning is vital

Like many people, most elderly New York residents probably don't like thinking that they may eventually need to rely on nursing home care. Many assume they'll never need a nursing home stay because their families will care for them, while others may think they can rely on government programs to cover the costs. The reality is that more than half of Americans will end up needing nursing home care, the costs of which are staggering and can quickly wipe out a lifetime of savings without proper Medicaid planning.

Medicaid planning crucial as cost of care continues to rise

When they hear the term "Medicaid," many residents of New York may think of a government program whose main purpose is to help the poor. In actuality, almost 30 percent of the program's budget goes to pay for nursing home care and other types of long-term care for the elderly. Medicaid planning is an important part of estate planning, as this long-term care for the elderly is incredibly expensive.

Medicaid planning for nursing home and home health care expenses

Often, as individuals age, the responsibility for their care falls to family members. In fact, there are approximately 44 million unpaid family caregivers in the U.S., and residents of New York are no exception to these statistics. The downside of this is that, without Medicaid planning for nursing home and home health care expenses, this often takes its toll on family members – usually adult children -- financially, career-wise or both.

New York Medicaid planning now to prevent ineligibility later

Individuals with aging parents or relatives in New York may have considered the eventuality of a nursing home stay for their loved ones. Thinking about it and actually planning for it are two very different things, however. Unfortunately for many, the exorbitant costs of a nursing home stay, especially when long-term care is needed, can be prohibitive, which is why many families hope to rely on Medicaid to help cover these expenses. Without adequate Medicaid planning, though, this could be more complicated than many initially believe.

Why Medicaid planning is almost a necessity in New York

Even though no one likes to think about it, aging is an inevitable part of life. Along with it typically comes a gradual – or sometimes sudden – decrease in functionality and independence and increased health care needs. In fact, the Urban Institute and U.S. Department of Health & Human Services estimates a 52 percent chance that the average 65-year-old, whether living in New York or elsewhere, will need some type of long-term care services. Such care is expensive, and without proper Medicaid planning, qualifying to receive benefits can be difficult.

Don't put off Medicaid planning in New York until it's too late

A substantial portion of the elderly population in the U.S. ends up relying on nursing homes for care in their later years. For this considerable expense, aging residents of New York may be counting on Medicaid to help with the cost of necessary healthcare and nursing home stay. Unfortunately, what many individuals may not realize is that Medicaid is a complex system of regulations and requirements, and, without the proper Medicaid planning, many individuals find themselves ineligible to receive benefits when the time comes.

Guidance from a Long Island New York Medicaid planning attorney

While Medicare and Medicaid may sound similar, the two government programs are very different. For elderly residents of New York, Medicaid is a needs-based program intended to act as a safety net when they cannot afford to pay for their necessary health care or nursing home stays. However, the program is very complex, which is why many individuals find it beneficial to turn to a Long Island New York Medicaid planning attorney for guidance.

New York Medicaid planning only works when done properly

Most aging residents of New York look forward to retirement as a time of relaxation after a long life of hard work. They may have spent a lifetime saving to be able to afford the so-called golden years. Problems typically arise, however, with the unforeseen health problems that often accompany aging and the resultant medical expenses for care that come along with them. Without proper Medicaid planning, a lifetime of retirement savings and assets can quickly dwindle to nothing.

The benefits of sound Medicaid planning advice in any situation

With frequently changing rules that may differ between various programs even within the same state and a time-consuming application process, many elderly residents of New York may feel overwhelmed when it comes time to apply for Medicaid. Even worse, if, after all that work, an application for Medicaid is denied, the consequences can negatively impact not just the individual who applied but the entire family. These reasons and more are why a Medicaid planning attorney's experience and knowledge may prove beneficial.

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