Asset Protection Planning For Nursing Home Care
As we age, long-term nursing home or in-home care for yourself or your spouse can become a more likely reality. In New York, that reality is also an expensive one. Our elder law attorneys at Enea, Scanlan & Sirignano, LLP, in White Plains can help you plan ahead for this very possibility – without draining your assets or risking the sale of your family home.
Medicare, Medicaid And New York Estate Recovery Laws
Nursing home care in the state of New York is expensive. Medicare might cover a short-term stay, but not long-term nursing home care. Medicaid assistance is a more likely funding source and might be available, but it is subject to income and asset caps (not counting the family home). Some recipients will plan for Medicaid to spend down their assets in order to qualify.
However, getting approved for Medicaid can come with a hidden risk. New York state laws allow for Medicaid Estate Recovery, in which the State of New York can attempt to recoup the costs of your long-term care at the time of your death by seizing liquid assets, like bank accounts, or by putting a lien on your home or other real estate interests.
Funding Options For Long-Term Care
Every family’s financial situation is different. The best funding options will depend on your family’s financial portfolio. Some of the funding options that individuals use to cover long-term nursing home care can include:
- Personal finances
- Long-term care insurance
- Special life insurance policies
Long-term care insurance is usually cheaper when the insured is younger with fewer health risks, but that means you might be paying premiums for a long time before needing to utilize the insurance benefits – if you even need to use them. In addition, missing any payments in old age can give insurance companies a reason to deny your claim. One option that is becoming more popular to finance nursing home care is the use of a special life insurance policy with a long-term care rider that allows you the option to receive the benefits to cover long-term care if it becomes necessary.
Start Planning Now For Nursing Home Care
The sooner you start to plan ahead and prepare the necessary financing to allow for the possibility of long-term nursing home care, the more likely you will be able to protect and preserve your assets for your heirs. At Enea, Scanlan & Sirignano, LLP, our estate planning and elder law attorneys have been assisting clients with analyzing their options and strategizing the best possible plan for their specific circumstances for decades.
Let Us Help You Plan Ahead
To make sure you’ve thought of everything you need to think about when it comes to long-term planning for potential nursing home care, reach out to us today. You can schedule a consultation appointment by calling our office at 914-269-2367 or through our website using our online form.
