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Medicaid Planning

One of the greatest fears of aging Americans is that they may end up in a nursing home. This not only means a loss of personal independence, but also a tremendous financial price. According to the New York State Department of Health, the average cost for nursing home care in the capital region of New York State for 2010 was $281 per day, for a total annual cost of $102,480.
Most people end up paying for nursing home care out of their savings until they “spend down” to allowable levels.  Thereafter, they can qualify for Medicaid to pick up the cost. Advantages of paying privately are that you are more likely to gain entrance to the nursing home of your choice and you avoid a complex Medicaid Application Process. The disadvantages are that it's expensive and that you may have little inheritance to leave to your family members, despite a lifetime of working, saving and sacrificing.

Careful planning, whether in advance or in response to an unanticipated need for care, can help protect the assets you leave to your spouse and/or your children. This can be done by making sure you receive the benefits to which you are entitled under the Medicare and Medicaid programs. Veterans may also seek benefits from the Veterans Administration. Although long-term care insurance is also an option, it is often extremely expensive and difficult for candidates to qualify for. Nevertheless, if you qualify for Long Term Care Insurance based upon your age, health and ability to pay the premiums, then Long Term Care insurance is the best way to cover these costs.

Those who are not in immediate need of long-term care may have the luxury of distributing or protecting their assets in advance. This way, when they do need long-term care, they will quickly qualify for Medicaid benefits. "Medicaid planning" is difficult because every client's case is different. For the best results, it is important to have a plan tailored to your financial situation, and your desired results.



The Witecki Law Office
8 South Church Street
Schenectady, NY 12305

Licensed in New York State