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.