When you are starting to see your senior years appear over the horizon, you may have questions about the eventualities of aging. As elder law attorneys, we are legal professionals who are dedicated to the interests of senior citizens, and we can provide answers to these questions.
Long-Term Care Costs
The leading elder law issue of our day is the matter of long-term care. According to a government agency, the majority of senior citizens are going to need help with their activities of daily living at some point in time. Many will reside in nursing homes.
Most seniors will qualify for Medicare coverage when they reach the age of 65, but this government health insurance program does not pay for long-term care. Medicare will pay for convalescent care, but it will not pay for custodial care, which is the type of care you would receive in a nursing home.
Paying out-of-pocket is not a very appealing prospect, because long-term care is very expensive. Here in Westchester County, New York, the average annual cost for a year in a nursing home is well in excess of $150,000.
Nursing Home Asset Protection
How do you protect your assets from devastating nursing home costs? For most, the solution is Medicaid. This is another government health insurance program, and it does pay for long-term care if you can qualify.
Since Medicaid is a need-based program, there are low income and asset limits. To stay within these limits, you could potentially give assets to your loved ones before you apply for Medicaid coverage.
This takes careful planning, because you have to complete the gift giving at least five years before you apply for Medicaid coverage if you want to obtain timely eligibility.
Schedule an Elder Law Consultation
Long-term care is a very significant elder law concern, but it is not the only one. If you would like to discuss the eventualities of aging with a caring professional, send us a message through our contact page or call us at 914-939-6565 to schedule a consultation.