Medicaid planning: Costs of long-term care continue to rise

Many individuals in New York and elsewhere may find it somewhat intimidating to think about the future, let alone plan for it. However, with the ever-increasing costs of long-term treatment and care, not having a strategy in place could prove devastating. Those who wish to avoid such an outcome may be able to overcome any previous reservations by seeking guidance from an attorney with experience in Medicaid planning.

According to reports, the overall costs of long-term care continue to increase at an alarming rate. This may in part be due to a reduction in time spent in the hospital as medical facilities work to cut costs, which in turn leads to a need for more intensive treatment during rehabilitation. Along with an overall increase in population at nursing homes, this increase in demand has led to a hike in prices, which have reportedly reached an average of more than $8,000 a month.

Some life changes are uncontrollable, and can happen at any given moment. With the staggering costs of care, many individuals may wonder how they will afford to pay for treatment should the need arise. With the uncertainty involved in planning for the future, a person may find it beneficial to seek guidance in covering every possibility.

Reaching a point in life where long-term care is required, without a plan in place to cover the costs, can be a stressful and daunting situation. Those who wish to avoid a similar outcome could speak with a Medicaid planning attorney for advice in every available option. An attorney in New York can address a client's concerns and assist in forming a plan to prepare for whatever the future may hold.

Source: Forbes, "The Staggering Prices Of Long-Term Care 2017", Emily Gurnon, Oct. 10, 2017

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