Why Everyone is Talking about Long-Term Care
December 21, 2015
- 1. Over 70% of those who are 65 or older are expected to require some type of long-term care service.
- 2. Nursing home care costs $155,125 on average per year on Long Island. Assisted living costs $67,500 on average per year on Long Island. Home care costs $48,574 on average per year on Long Island.
- 3. Long-Term Care Insurance pays for longterm care but is not available to those who have pre-existing conditions or those who cannot afford to pay the premiums.
- 4. Medicare does not pay for long-term care on an extended basis and only provides a maximum of 100 days for rehabilitative or skilled care in a nursing home or for care at home on a very limited basis.
- 5. Medicaid provides coverage for nursing home costs, home care and in some cases assisted living expenses. Medicaid is an entitlement program which requires that applicants have very little in assets and income.
Most individuals can become eligible for Medicaid without spending down all of their assets. The penalties that Medicaid imposes for transferring assets can largely be avoided by making a plan before the need for long-term care arises.
Everyone is unique and should have a plan that suits his or her circumstances. The first step in any future planning is to consult with an experienced elder law attorney to discuss the available options. We would be happy to answer any questions you have.