Elder law attorneys assist clients who are concerned about long-term care costs. This is a serious matter, because most senior citizens will eventually need assistance with their day-to-day needs. Long-term care can be provided in nursing homes and assisted living communities, and there are also those who use in-home care providers.
Medicare Won’t Help
Living assistance is very expensive across the United States, and the prices in New York are higher than the national averages as you might expect. Medicare will not help with long-term care costs. This type of care is considered to be custodial care.
Medicare will pay for convalescent care after surgery for up to 100 days, but it won’t pay for long-term custodial care.
It is not easy to reach into your pocket to pay for living assistance. Nursing homes are exorbitantly expensive, averaging over $100,000 per year for a private room in the state of New York. Assisted living communities are expensive as well, and there are considerable expenses involved if you want to engage an in-home care provider.
Genworth Financial tells us that the median annual cost for homemaker services in the state of New York is $47,934. This is based on 44 hours per week over 52 weeks. Home health aides provide more extensive care. The median cost for a home health aide is $50,336 per year.
Medicaid is another government run health insurance program. This program will pay for long-term care, and in fact, most seniors who are residing in nursing homes are enrolled in the Medicaid program.
As you can see from the statistics that we provided in the previous section, in-home care is not easily affordable, but nursing homes are twice as expensive. This is one reason why many people would prefer to receive care in their homes.
In addition to the financial factor, there is the matter of familiarity and comfort. When you reach an advanced age, you may be very attached to your surroundings. Moving to an assisted living community can be disconcerting.
The Medicaid program will pay for in-home care, but it is done through the Home and Community-Based Services waiver program. Medicaid is a program that is available to people who can demonstrate significant financial need. As a result, there are income and asset limits that are very low. The waiver program has less stringent standards with regard to income and assets.
Because of the relaxed standards, more people can qualify, and this saves money in the long run because in-home care is less expensive than institutional care.
Free Medicaid Planning Special Report
There is a lot to digest if you are interested in future Medicaid eligibility. We have repaired a free special report that will answer many of your questions and provide you with a solid foundation of information.
To obtain access to your copy, click the following link: Medicaid Planning Report.