Financial advisors long told people that a million dollars would be enough to fund their retirement, but that is not always the case. There are some individuals who will require far more support and incur far more expenses during their golden years than others.
Living in a nursing home is a perfect example. When older adults in New York eventually require the around-the-clock care provided in a nursing home, how much it costs to balance their monthly budget can drastically increase. If you don’t already have a plan in place for those costs, you may not have enough to pay on your own.
What does a nursing home in New York cost?
It costs a lot more to stay in a nursing home than it would to rent an apartment or continue living in your own home. Nursing home costs in Nassau County, Suffolk County as well as beyond the Long Island area range from $450 to $600 per day, which translates to between $146,000 and $219,000 per year.
What you have set aside for retirement may not be enough to pay those costs. The Medicare coverage that pays for your doctor’s appointments and hospital stays won’t pay for nursing home expenses. You need to plan ahead either to have enough resources to pay out-of-pocket or to qualify for Medicaid.
You can protect your assets from these costs and your estate from Medicaid recovery efforts as you grow older. Thinking about the support you might need in your golden years can help you address your elder law needs early enough to avoid the consequences of last-minute planning.