Planning for your long-term healthcare can be daunting. One reason is because you simply don't know what you are planning for. Will you be able to stay in your home and receive minimal assistance as you age? Will your family be able to support you? Or will you need to move into a nursing home that provides around-the-clock attention?
As people age, one of their biggest concerns is how they will pay for the medical care they may need. While simply saving money may help, the costs associated with a nursing home or long-term hospital stay can quickly do away with those funds. This is why many elderly individuals seek Medicaid benefits to help them meet their healthcare needs as they age. One important thing to know about Medicaid is that even if you qualify for benefits you may wind up needing to repay some of the benefits through your estate.
Planning for the future can seem overwhelming, as we don't know what the future will bring. As we have discussed previously on this blog, Medicaid can be a great resource for those who may find themselves in need of long-term care down the line. However, not everyone qualifies for this government program because of its income restrictions. Those who have too much income will be deemed disqualified. Although that may seem like a black-and-white restriction, there are legal steps that can be taken to lessen one's "countable" income so that he or she can be rendered qualified to receive Medicaid benefits.
This blog has previously discussed the various ways one can plan for his or her potential long-term care needs. Long-term care insurance, for example, may be a piece of the puzzle, but it likely won't be enough, and the claims process can be especially challenging. Medicare could also help alleviate the financial strain, but even this government program has its limits. In addition to creating estate planning accounts devoted to long-term care needs, New Yorkers can also pursue Medicaid, which can provide a lot of financial relief during your time of need.
There is no escaping the fact that we and our loved ones will grow old. In many instances, this means that a loved one may eventually become unable to care for him or herself. When this happens, plans must be made with regard to one's long-term care. There are many options, including home health care, but many New Yorkers wind up turning to nursing homes. Although it may sound easy enough, choosing a nursing home can actually be a challenging endeavor. Yet, it is one of great importance and should not be taken lightly.
Last week, most media attention was paid to former FBI Director James Comey and his public hearing in front of the Senate regarding the Russian probe. But also going on at the was a hearing with Tom Price, Health and Human Services Secretary as he discussed possible effects of President Donald Trump's American Health Care Act.
For many New York residents, the costs of living can get higher as they get older. When younger, it can often be the case that living expenses might only consist of apartment rent, heating, electricity, food and so on. But as New York residents get older, they may need to pay for myriad medical expenses, along with nursing home care or in-home care. For these people, oftentimes Medicaid assistance is available to help pay for the thousands of dollars that can result from these types of care.
At one time or another, the request to borrow money has been made to many parents and grandparents by their adult children, grandchildren and other loved ones. However, in most instances parents and grandparents give to their families without properly documenting the transaction and its terms. Unfortunately, the lack of proper documentation may create unintended consequences and complexities, especially if long term care services and Medicaid are later needed.
What is Medicaid?