70% of adults aged 65 years and older will require long-term care at some point in their lives. A majority of them will be able to afford the expense out-of-pocket or through long-term care insurance.
The only other option is Medicaid, a government program that covers long-term care for people with limited income and resources. However, legal planning can qualify you for Medicaid without spending down your life savings and assets!
Our Albany Medicaid Planning Lawyers at Pierro, Connor & Strauss, LLC are highly experienced in customizing a plan that enables you or a loved one to receive the care needed at home or a senior facility.
What Is Medicaid?
Medicaid is a government benefits program that provides coverage for medical expenses and long-term care to those who meet certain financial criteria. It is a federal program administered by states, so eligibility varies according to state laws.
Because Medicaid is needs-based, income and asset guidelines are strict. Fortunately in New York, the program is much more generous in its eligibility levels compared with other states.
Currently, the average cost of a private room in a nursing home in New York is $12,927 per month. That comes out to more than $155,000 per year. Although staying at home to receive care is a possibility, that is also an expensive option. In Albany, the hourly rate for in-home health aides averages between $27-$29.
Due to the huge expense involved in long-term care, more than six million New Yorkers find they must receive federal and state assistance to receive necessary care.