Elder Law

Because of the improved health care in our country, many Americans are living longer. And so the amount of seniors requiring long-term care continues to grow. The costs for such care in New York can be exorbitant, with regional average nursing home facility rates beginning at $12,000.00 a month.

With no advanced planning in place, such costs are borne directly by the patient. And so the costs of such care can wipe out a lifetime of savings in a short amount of time. A nursing home facility may even put a lien on a patient’s home for nonpayment.

In general, there are two options to prepare for a long-term care scenario: Long-Term Care Insurance, and Medicaid Planning through Trusts.

Long-Term Care Insurance

Not all persons have the foresight, health, or disposable income to procure long-term care insurance. Further, individuals may not qualify for long-term care insurance because of age or medical conditions. And there may even be shortfalls for those already with coverage.

Medicaid Planning and Trusts

Through specialized planning by way of irrevocable asset protection trusts, individuals can qualify for Medicaid, a joint federal and state program which provides assistance to low-income individuals for nursing home costs. There is a myriad of timeframes and guidelines to establish such eligibility. If your personal facts and circumstances suggest this is a prudent strategy for you, start the process as early as possible, particularly if there is a familial history of longevity coupled with the need for nursing home care.

Conte Legal is one of the areas leading estate planning and elder law firms. With locations in both Westchester County and New York, we are accessible and connected to the community.