One day life as you know it may change or unbeknownst to you it may be changing progressively over time. A sudden or gradual life change may render you incapacitated and needing immediate care or care within the near future (six months to one year) to either assist you with performing daily functions or for someone to perform them for you. This type of care is known as long term care. In New York, the average cost of care in the home is $60,000 per year and the average cost of care in a nursing home is $144,000 per year.

Often, people are of the misconception that health insurance will pay for nursing home cost or skilled nursing care. Health insurance covers medical bills for the treatment of sickness or injury such as paying doctors, hospitals, medical procedures, and medications. Health insurance does not cover the cost of care that is necessary when you are unable to perform normal daily activities. Another common misconception is that Medicare will cover long term costs in a nursing home. While Medicare Part A will pay for up to 100 days in a skilled care facility, it only pays part of the cost after the first 20 days and will not cover any of the costs of care after 100 days.  

The cost of long term care coverage is covered by Medicaid, which is a need based health coverage. If you need the coverage and learn that value of your assets makes you ineligible, then you are in Medicaid crisis. Do not worry - Medicaid crisis planning will enable you to qualify for Medicaid without depleting your life savings or jeopardizing your family home.

Contact us for the guidance and protection that you need.