Many children think the world of their parents. As they grow older, they may come to realize that their parents are not as invincible as they once thought, however. In fact, there may come a time when a parent needs long-term care, and New York residents may need to make decisions regarding the best way to obtain and pay for that care.
It is common for people to avoid things that make them uncomfortable or that they do not like for one reason or another. Unfortunately, many New York residents may find themselves avoiding long-term care planning simply because they do not want to fully consider the possibility that they may one day lose the ability to care for themselves. However, this type of situation will affect most everyone.
When the time comes for a loved one to enter a nursing home facility, it can be a difficult transition for everyone involved. There may be numerous concerns to consider, such as ensuring that the individual will receive the proper care. Of course, financial aspects can also cause concern, and questions regarding Medicaid may come about.
A common source of uncertainty for many in New York and elsewhere is the difference between Medicare and Medicaid. Many individuals confuse the two, and still more wonder why Medicaid planning is even necessary, assuming without much forethought that they will be able to rely on the government program when the time comes. In fact, not only do the two programs differ greatly, but without adequate preparation, qualifying for Medicaid may come at a high cost.
With the complexities of Medicaid and the likelihood that aging New York residents will eventually need nursing home care, advisors are recommending that everyone – both seniors and their families alike –learn more about the program and its eligibility requirements. Of course, Medicaid is extremely complex, and becoming familiar with the most basic elements does not replace the guidance of a Medicaid planning attorney. However, acquiring a rudimentary understanding before consulting a lawyer may help individuals know what aspects to discuss more thoroughly during planning.
There's a lot of misunderstanding when it comes to qualifying for Medicaid in New York. A number of aging individuals may be confused as to what assets they are allowed to own and still qualify for Medicaid, since, for example, many have mistakenly been informed that they cannot receive benefits if they own their own home. In reality, there are several assets a New York resident can own, as the skilled guidance of a Medicaid planning attorney in advance can ensure qualification requirements are legally met.
Unfortunately, New York residents who have spent their whole lives saving for retirement are likely to have overlooked one key aspect, but it's one that could make all the difference: planning and saving for the ever-increasing cost of long-term care. While most will need home health care at some point, or even are likely to find themselves in a nursing home, many underestimate the cost or assume that Medicare or health insurance will pay for it. This, however, is untrue, and the fact of the matter is that without proper Medicaid planning, the costs of such care will quickly drain a lifetime of savings.
While many New York residents have spent their careers carefully saving for retirement, far fewer have given such careful thought to planning for their long-term health care needs. This is unfortunate, given the rising cost of such medical care and the high likelihood that it will be necessary. Fortunately, with the support of an attorney experienced in Medicaid planning, it may not be too late to begin preparing for this long-term care.
Medicaid planning for nursing home and home health care expenses in New York is almost essential, no matter what situation families with elderly relatives find themselves in. The fact of the matter is that long-term elder care requires some sound Medicaid planning if families want to avoid depleting a lifetime of careful savings in a shockingly brief period of time. Especially as individuals age and the chance increases for the development of complicated, slow-working diseases like Alzheimer's, it's nearly impossible to estimate just how substantial the total costs of health care may end up being.
Many aging residents of New York believe that, after the age of 65, they will be able to rely on Medicare for their health care and assisted living needs. One issue that most people are unaware of, though, is that of something called "custodial care." Custodial care is different from skilled nursing home care and, much to the chagrin of many, is not covered by Medicare. In fact, without proper Medicaid planning, this small distinction in type of care could end up costing elderly New Yorkers and their beneficiaries everything.