The possibility of needing longterm care complicates financial planning for senior adults. While the need for a nursing home stay or assistance at home are unpredictable, if that need does arise, care can be quite costly.
Why Medicaid Planning is Important
It is estimated that 70% of people aged 65 and over will require some form of longterm care at some point in their lives. The average cost for a semiprivate room in a nursing home in New York State’s Lower Hudson Valley is in excess of $167,000.00 per year ($14,000.00 per month). That figure only increases each year. One-third of those needing longterm care will receive that care in facilities away from home. Two-thirds will receive care at home with the help of family members.
Medicare doesn’t cover longterm care in nursing facilities or at home. Very few families have the resources to pay for these costs out of pocket. A few are lucky enough to have longterm care insurance. But, 6 out of 10 individuals in nursing homes are covered by Medicaid.
Medicaid is a needs based program. Certain income and resource limits must be met to be eligible. This means that families must spend down their own money/resources on nursing home fees before qualifying for Medicaid. It is possible, however, to be eligible for Medicaid and still preserve your family’s assets. This is where Medicaid Planning with Davis and Davis comes in.
Get your Medicaid Plan Set. Do it Now!
Call on Charles G. Davis for help with Medicaid Planning. He has decades of experience and will help you with all of the planning and documents needed to protect your hard-earned assets. It’s wise to start your plan right now.