When a parent has to enter a nursing facility or needs other care, it can often trigger adult children into considering their own future needs. Most people will need some sort of long-term care in their lives, and while options are available, most of them are costly. As a result, it may prove wise for New York residents to consider their planning options.
When it comes to paying for care, it is prudent to consider insurance options. There are traditional long-term care insurance policies that can help individuals protect themselves from certain costs in the future. Additionally, if parties purchase policies at younger ages, they may have the ability to take advantage of lower premiums. Of course, it is important to review the terms of any policy and determine whether it covers in-home care, facility care or, ideally, both.
Parties may also want to consider their options for Medicaid benefits. While this assistance program can be helpful, it also has contingencies that must be met in order for individuals to qualify. If parties have too high an income or too many assets, they may need to rearrange their assets or "spend down" in hopes of qualifying.
When it comes to planning for long-term care and potentially qualifying for Medicaid, individuals can utilize certain estate planning tools. In particular, trusts can allow New York residents to move assets out of their estates that may not be considered when under review for Medicaid. Of course, there are also many facets to taking such steps, and it may prove beneficial for interested individuals to discuss their options with experienced attorneys.