Medicaid is the largest funding source for long-term care and pays for over half of the care in the USA. It is, however, a “means tested” program – the applicants must have limited assets and income in order to qualify.
Long-term care services may include medical, housekeeping, social, home health aide, rehabilitation and skilled nursing services a person needs over months or years.
Many believe they won’t need long-term care, that their spouse or their adult children will take care of them. However, national studies show otherwise. About 70% of individuals 65 or older will need long-term care – whether at home or in an assisted living facility or a nursing home.
Most elder folks have to pay out of pocket for their own long-term care. Unfortunately, the cost to pay for long-term care can easily wipe out an individual’s life savings. When in a nursing home setting, the cost of long-term care can be between $9,000 – $15,000 per month.
Medicaid planning is taking the necessary steps now to ensure that if the need for long-term care should arise, you will be eligible for Medicaid to pay for it and keep your assets safe from government reach.
Put your family first and speak to us about your Medicaid planning options. Let us help you preserve your family’s legacy.
Serving families in NY & NJ