In 2023 the average monthly cost of a semi-private room in a nursing home in New York State was estimated at around $13,900 and $14,800 for a private room. These figures represent the national average and actual costs are dependent on location and the level of care required. Visit Genworth (https://www.genworth.com/aging-and-you/finances/cost-of-care.html) to stay informed on fees associated with extended nursing home care. As of 2023, data shows over 1,246,079 residents living in nursing homes in the United States. An estimated 70% of people who reach the age of 65 will require long-term care at some point.
As the already staggering costs of care continue to rise, many families find themselves draining their savings accounts to accommodate a loved one who has entered a nursing facility. As a federal and state program, Medicaid assists with healthcare costs for people with limited resources and provides benefits not normally covered by Medicare, including nursing home care—contributing to half of all nursing home stays.
A Medicaid Crisis refers to someone who is either already living in a nursing home or who needs to enter a home within a short period of time that possesses too many assets to qualify for Medicaid eligibility. Without Medicaid assistance, many families will find themselves scrambling to pay hefty nursing home bills.
Within months, family homes are easily lost and families feel as if they are headed for financial ruin. Enlisting the help of an elder law attorney is critical when trying to maneuver the murky process of Medicaid eligibility. They can assist you with both applications and recertifications. Prior rejection does not mean you will be unable to obtain financial assistance now or in the future. Elder law attorneys can offer guidance and clarify any misinformation you may have heard along the way.
For seniors who find themselves in a Medicaid Crisis, devising a foolproof Medicaid planning strategy is the best way to ensure an application is approved. Timing is a very important part of the planning process. An elder law attorney will take all aspects of a senior’s personal and financial situation into consideration when determining when they should apply and whether additional steps are needed to ensure their application is accepted.
Don’t allow your legacy to be lost to nursing home costs. Implementing preventative measures and legal strategies now can ensure security for you and your loves in the future. Contact our office today to discuss your individual situation.
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