The thought of paying for long-term care can be a scary proposition!
According to latest statistics:
- 70% of adults aged 65 and over will require some kind of long-term care during their lives.
- 48% of adults aged 65 and up will need some type of paid long-term care services.
- The average duration of long-term care for women who require it is 3.7 years. The average duration of long-term care for men who require it is 2.2 years.
- According to the New York State Partnership for Long-Term Care, the current annual cost for long-term care in Long Island and New York City is about $170,000. That IS scary!
What are your options?
Long-Term Care Insurance pays for long-term care but is not available to those with pre-existing conditions, or those who can’t afford to pay the premiums.
Medicare does not pay for long-term care on an extended basis and only provides a maximum of 100 days for rehab or skilled nursing home costs, or for care at home on a very limited basis.
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 assets and income.
Most people 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. We can help.
Everyone’s financial and health situation is different and that is why it is important to consult with an experienced Elder Law attorney to determine what the right estate plan is for you. At Makofsky Law Group, P.C. we are here to help with all of your estate planning and future needs. We are only an email or phone call away!
The information provided in this email does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available here are for general informational purposes only.