Medicaid is a means-based benefits program meant to help elderly individuals with the cost of long-term nursing home and home health care expenses. Unfortunately, Medicaid comes with a host of regulations and requirements that, if not followed to the letter, often result in penalties or even outright disqualification. There are a lot of confusing myths and half-truths surrounding the program. Luckily, a Long Island New York Medicaid planning attorney can help individuals separate fact from fiction.
As most adult children with aging parents in New York can likely attest, caring for a beloved elderly relative may sometimes feel like the equivalent of a full-time job. Of course, it's a job most loving family members are more than happy to do, but it can be a bit onerous nonetheless: rearranging or even leaving actual paying jobs, or spending time and money to ensure aging parents receive the best care possible. Thankfully, with Medicaid planning and legal guidance, there are ways seniors can help give back to their adult children.
While aging – and the additional needs it inevitably brings – is an issue few residents of New York like to dwell on, experts are urging individuals to begin planning for the cost of long-term health care now. With expenses rising ever-higher on an annual basis, families with aging loved ones are well advised to start considering their options now, as issues like Medicaid planning are typically only beneficial when begun well in advance. Waiting too long often has unfortunate consequences, from a rushed spending down of assets to difficulty mustering resources and more.
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.
Despite the seemingly ever-increasing cost of nursing home and home health care expenses both in New York and across the nation, few people like to think about an eventual need for long-term care, let alone prepare for it. Unfortunately, without such planning, the cost of such care for the elderly can be a crushing financial burden. Private health insurance and Medicare offers limited financial help, and without proper Medicaid planning with an attorney familiar with the complex system of rules and regulations, seniors may find themselves quickly depleting a lifetime of savings before they can even qualify for Medicaid.
For many residents of New York, the question is not if they will need long-term health care, but when. Despite this, few individuals adequately plan for such an eventuality. Unfortunately, the cost of nursing home and home health care expenses is often much higher than most people think, and without proper Medicaid planning, a regrettable number of seniors and their families find themselves worrying and unprepared.
Like many people, most elderly New York residents probably don't like thinking that they may eventually need to rely on nursing home care. Many assume they'll never need a nursing home stay because their families will care for them, while others may think they can rely on government programs to cover the costs. The reality is that more than half of Americans will end up needing nursing home care, the costs of which are staggering and can quickly wipe out a lifetime of savings without proper Medicaid planning.
When they hear the term "Medicaid," many residents of New York may think of a government program whose main purpose is to help the poor. In actuality, almost 30 percent of the program's budget goes to pay for nursing home care and other types of long-term care for the elderly. Medicaid planning is an important part of estate planning, as this long-term care for the elderly is incredibly expensive.
Often, as individuals age, the responsibility for their care falls to family members. In fact, there are approximately 44 million unpaid family caregivers in the U.S., and residents of New York are no exception to these statistics. The downside of this is that, without Medicaid planning for nursing home and home health care expenses, this often takes its toll on family members – usually adult children -- financially, career-wise or both.
Individuals with aging parents or relatives in New York may have considered the eventuality of a nursing home stay for their loved ones. Thinking about it and actually planning for it are two very different things, however. Unfortunately for many, the exorbitant costs of a nursing home stay, especially when long-term care is needed, can be prohibitive, which is why many families hope to rely on Medicaid to help cover these expenses. Without adequate Medicaid planning, though, this could be more complicated than many initially believe.