Long Term Care Planning/Medicaid

Elder law encompasses a wide range of practice areas, including estate planning, long-term care planning, Medicaid planning, asset protection, guardianship, and more. At Hoskins Life & Legacy Planning, we use all of these strategies to help elders and their families manage the challenges that come with growing older. One of these challenges is finding ways to pay for long-term care.

The Cost of Care

Americans are living longer than ever before. This is great news, but it comes with a downside. Many of us will eventually need long-term care, and this care is expensive. In the state of New York, the median annual cost of a private room in a nursing home was more than $148,000 in 2019 and has only risen since then. The cost of nursing home care and other types of long-term care are expected to rise dramatically in the future. Sadly, many families exhaust their life savings within a year or two of a family member entering a nursing home. Fortunately, we can help you obtain the care you need without losing the assets you have worked a lifetime to build.

Paying for Long-term Care—Medicare versus Medicaid

Many people are confused about the difference between Medicare and Medicaid when it comes to paying for long-term care. By and large, Medicare does not cover long-term nursing home care. Medicare Part A will pay for up to 100 days in a skilled nursing facility for a particular illness, and only after the individual has spent at least three days in a hospital. Another problem is that from day 21 to day 100, a patient in a skilled nursing facility must make a copayment of $176 per day (this is the copay in 2020).

Medicaid, on the other, will cover long-term nursing home care for those who meet its asset and income levels. Given the high cost of nursing home care, the lack of affordable alternatives, and the limited nature of Medicare coverage, Medicaid is now the largest payer of nursing home stays in the United States. There are many Medicaid insurance programs available in the New York area, including basic medical coverage and nursing home programs.

Contact an Experienced New York Medicaid Planning & Elder Law Attorney

With proper planning, we can help you get the care you need while protecting your assets for your spouse and other loved ones. We can determine if options such as long-term care insurance are right for you. We can also help you obtain assistance from Medicaid, even if your assets and/or income exceed asset and income limits. Contact us today to discuss your particular needs and goals.

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