The need for long-term care can result from illnesses, serious injury, or simply the aging process. In some cases, the need for assistance with daily activities is what leads to the need for long-term care. Regrettably, nursing home costs continue to climb in our country while seniors have less income than they need. According to some industry surveys, the average cost for a private room in a nursing home is typically more than $90,000 a year. Let our Tarrytown Medicaid lawyers help you be prepared for nursing home expenses.
Nursing home costs in New York
There are approximately 650 nursing homes in the state of New York, with an average yearly cost of $128,115 for a single or private room, and $121,910 for a double-occupancy room. However, the cost of nursing home care differs from one state to the next. Indeed, the median annual cost for nursing home care in Oklahoma is about $60,000, while in Connecticut, it is more than $158,000. Alaska has probably the most expensive rates, with an annual cost of more than $281,000.
Is all long term care prohibitively expensive?
There are a variety of long-term care options available. Not all of them are as expensive as a nursing home may be. Some are much less expensive and much less restrictive, as well. Most seniors would prefer to stay in their own homes with minimal assistance, as needed. If this is possible, the costs could be much lower.
Alternatives to nursing homes that you should consider
Some of the more common long-term care alternatives include adult day care services, assisted living care, home health-care services, including skilled nursing care or physical therapy, and personal care in your home through homemaker services. Many of these services are covered by Medicaid and other long-term care insurance policies. There are other services that may be available in your area such as hospice care, respite care, and caregiver training for family members. Our Tarrytown Medicaid lawyers can help you explore some of these alternatives so you can plan better.
What is Medicaid?
Medicaid is a healthcare assistance program that provides benefits to eligible low-income individuals. The program is funded through federal, state and local taxes and those funds are basically used to help pay their covered medical costs. In many cases, Medicaid recipients are only required to pay a small co-pay, if anything, for covered medical expenses.
How is Medicaid Different from Medicare?
Medicare and Medicaid are often confused with one another. While they are both health benefits programs, they are very different in most respects. Both are assistance programs established by the federal government, but Medicaid is run by each state. For that reason, the Medicaid benefits available to Ossining residents may be different from the benefits available to residents in California. The same is true for eligibility requirements. Medicare, on the other hand, is the same regardless of where you live.
What are some of the benefits of Medicaid planning?
The purpose of Medicaid benefits is to help low-income Ossining residents to pay for necessary health care. Since Medicaid is a needs-based program, recipients are allowed to have no more than $2,000 in assets. With Medicaid planning and the assistance of a Medicaid attorney, you may not need to exhaust all of your resources in order to become eligible for benefits. It is important to remember that, if a Medicaid applicant gives away property or assets just prior to submitting an application, those transfers will likely result in your benefits being delayed or denied.
You cannot give away your property to become eligible for Medicaid
A very common misconception people have when it comes to Medicaid eligibility is that they can give their major assets to relatives, or actually to just transfer title to a family member, in order to reduce the amount of their assets. The reality is that, if you do, you could end up delaying your Medicaid benefits. The rule says if you transfer any assets within five years of applying for Medicaid benefits, then a period of ineligibility will be imposed beginning when you submit your application. So, our Tarrytown Medicaid lawyers can help you with the timing of your transfers in order to avoid a penalty.
When is it time to consider Medicaid planning?
The most important thing to remember is that it is never too late to start your Medicaid planning, according to our Medicaid attorney. Although it is certainly wiser to start planning early, don’t be discouraged if you haven’t. There may still be options for you, so speak to our Tarrytown Medicaid lawyers. Still, the earlier you start the more likely you will be able to qualify for Medicaid when it comes to meeting the financial requirements.
Attend a free seminar today! If you have questions regarding nursing home costs or any other Medicaid planning matters, please contact the experienced attorneys at the Law Offices of Mary A. Miller, P.C. for a consultation. You can contact us either online or by calling us at (914) 939-6565. We are here to help!