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medicaid planning for nursing home and home health care expenses Archives

Transferring assets may help with Medicaid planning

The financial aspects of life can be some of the most difficult for many New York residents to address. Whether individuals need to make a considerable purchase or buy everyday necessities, they can sometimes struggle to find the best ways to handle their funds. As parties get older, they may consider the potential for needing long-term care and how they may pay for that care. Because it can be immensely expensive, it may be wise to explore Medicaid information.

What assets are considered for Medicaid eligibility?

Some New York residents may not think about the fact that they may one day need long-term care. However, it is common for individuals to need such care after reaching retirement age, and sudden accidents could take place that result in people of any age needing care. For this reason, it is important to consider long-term care options and information regarding Medicaid.

Estate plans can address property division, long-term care

A plan can help in many different scenarios. When New York residents want to make sure that their affairs are in order, creating an estate plan could prove immensely beneficial. Not only could this plan help them when it comes to distributing their property after death, but it could also allow them to make arrangements in the event that they need long-term care.

Long-term care planning could help get finances in order

Whether planning for oneself or trying to help a parent plan, considering long-term care options can have many benefits. Starting early could allow individuals to consider what area services exist and which ones may suit their potential needs. Long-term care planning can also help New York residents determine how they may pay for the necessary expenses associated with this care.

Adult children may be considering their parents' long-term care

Many children think the world of their parents. As they grow older, they may come to realize that their parents are not as invincible as they once thought, however. In fact, there may come a time when a parent needs long-term care, and New York residents may need to make decisions regarding the best way to obtain and pay for that care.

Consider long-term care planning sooner rather than later

It is common for people to avoid things that make them uncomfortable or that they do not like for one reason or another. Unfortunately, many New York residents may find themselves avoiding long-term care planning simply because they do not want to fully consider the possibility that they may one day lose the ability to care for themselves. However, this type of situation will affect most everyone.

Considering nursing home options, Medicaid may be useful

When the time comes for a loved one to enter a nursing home facility, it can be a difficult transition for everyone involved. There may be numerous concerns to consider, such as ensuring that the individual will receive the proper care. Of course, financial aspects can also cause concern, and questions regarding Medicaid may come about.

Medicaid planning and how it differs from Medicare in New York

A common source of uncertainty for many in New York and elsewhere is the difference between Medicare and Medicaid. Many individuals confuse the two, and still more wonder why Medicaid planning is even necessary, assuming without much forethought that they will be able to rely on the government program when the time comes. In fact, not only do the two programs differ greatly, but without adequate preparation, qualifying for Medicaid may come at a high cost.

Education may prove helpful before beginning Medicaid planning

With the complexities of Medicaid and the likelihood that aging New York residents will eventually need nursing home care, advisors are recommending that everyone – both seniors and their families alike –learn more about the program and its eligibility requirements. Of course, Medicaid is extremely complex, and becoming familiar with the most basic elements does not replace the guidance of a Medicaid planning attorney. However, acquiring a rudimentary understanding before consulting a lawyer may help individuals know what aspects to discuss more thoroughly during planning.

Medicaid planning: What assets are exempt in New York?

There's a lot of misunderstanding when it comes to qualifying for Medicaid in New York. A number of aging individuals may be confused as to what assets they are allowed to own and still qualify for Medicaid, since, for example, many have mistakenly been informed that they cannot receive benefits if they own their own home. In reality, there are several assets a New York resident can own, as the skilled guidance of a Medicaid planning attorney in advance can ensure qualification requirements are legally met.

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