A recent New York Times article highlighted Washington State’s WA Cares Program, the nation’s first state program for long-term care insurance. More importantly, the article underscores a growing crisis facing older Americans: the rising cost of long-term care.
The article notes that an estimated 70 percent of Americans will need long-term care at some point in their lives. Whether long-term care is provided at home, in an assisted living facility, or in a nursing home, the costs can be substantial and place a significant strain on families.
Key Takeaways from the Article:
- As Americans live longer, the need for long-term care services continues to grow, while affordable options to pay remain limited.
- Many people mistakenly believe Medicare will cover long-term care expenses. While it can cover certain health care such as short-term rehab, it generally does not pay for long-term ‘custodial’ care (everyday help with bathing, toileting, dressing, transferring, or eating).
- Medicaid covers long-term care services at home and in a nursing home (and in some cases, in an assisted living facility), but strict income and asset requirements often leave middle-class individuals ineligible for Medicaid benefits and feeling like they need to spend much of their savings before becoming eligible.
- Premiums for private long-term care insurance have become expensive, and consequently, fewer insurance companies offer stand-alone policies than in previous decades.
- Long-term care expenses can quickly deplete an individual’s savings and create significant financial and emotional burdens for families.
People often spend decades building a nest egg, only to discover that a prolonged illness or need for nursing home care can put their lifetime savings at risk.
What Can You do to Protect Yourself and Your Hard-Earned Assets?
In New York, proactive Medicaid planning using tools such as trusts can help protect a significant portion of your assets while securing access to essential care and benefits in the future. Even when care is needed immediately, crisis planning options typically remain available.
To determine the right course of action, it is essential to consult with an experienced Elder Law attorney. Every individual’s situation is different, and there is no one-size-fits-all solution. We can help devise a personalized plan to protect your assets and help ensure access to the care you may need in the future.
At Makofsky Valente Law Group, P.C., we are here to help with your elder law, estate planning, Medicaid planning, and disability planning needs. Whether you are planning ahead or facing an immediate need for care, we are only an email or phone call away.
