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Posts tagged "Medicaid planning for nursing home and home health care expenses"

Consider planning for care during Long-Term Care Awareness Month

November is Long-Term Care Awareness Month. Many New York residents may want to take some time in the near future to consider what options they would like to take advantage of in the event that they need such care. The majority of people over age 65 will need long-term care at some point, and planning for care can prove invaluable.

Plan ahead to address long-term care costs

While New York residents may not know for certain that they will need long-term care as they get older, it is a substantial possibility. While many people may hope that they will receive the necessary care if and when the time comes, hoping may not be enough. Instead, individuals may want to be proactive and plan ahead, especially to make sure they can afford needed care.

What amount of assets could be kept for Medicaid eligibility?

Many people know that nursing home care and other similar assistance is expensive. Of course, it is common for older individuals to need this type of care due to medical issues. When it comes to determining the best options for paying for care, some parties may wonder whether Medicaid may be able to help them.

Nursing home care may be necessary for some individuals

Most New York residents want to do what is best for their loved ones. In some cases, that may mean seriously considering placing a parent or other loved one in a nursing home. This thought can easily bring a number of emotions from guilt to relief, but this move may be necessary when a family member is at risk of suffering injury or other harm from living alone.

Planning for in-home or nursing home care for a loved one

Many people suffer cognitive decline as they get older. In some cases, the decline may be more severe than others due to diseases like Alzheimer's, and family members may need to make tough decisions on how to care for their ailing loved ones. It is not unusual for New York residents to want to care for a parent or other loved one themselves, but it is also possible that nursing home care may be necessary.

College savings may affect Medicaid eligibility

Many New York residents have savings goals they want to achieve. For instance, individuals who want to attend a certain college or who want to help their loved ones attend college may have an account set up to accumulate funds for that purpose. However, some concerns regarding those funds may come about if a person ends up in need of Medicaid.

Steps may need to be taken to obtain assistance through Medicaid

Many parts of New York residents' lives revolve around their finances. Even if money is not the direct issue, a problem could arise that may result in expenses that will need addressing. In particular, older people may be at risk of suffering health issues that could result in the need for financial assistance through Medicaid.

Many older adult children may provide long-term care for parents

The loss of a parent can be hard on anyone, but numerous New York residents expect to face this situation at some point. What many people do not consider enough, however, are the difficulties adult children can face when they must care for their aging and ailing parents. If the parents have not done their part to create an estate plan that addresses long-term care needs, their children could end up struggling in a number of ways.

Staying on top of finances may help with long-term care needs

Most people hope to live a long and healthy life. Today, more people are living longer than ever, but those lives are not always free from medical issues. In fact, many New York residents may need long-term care at some point in their elder years, and it may be wise to plan ahead for that possibility.

Parents facing long-term care often have kids considering plans

When a parent has to enter a nursing facility or needs other care, it can often trigger adult children into considering their own future needs. Most people will need some sort of long-term care in their lives, and while options are available, most of them are costly. As a result, it may prove wise for New York residents to consider their planning options

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