Did you know that the average annual cost of living in a nursing home in New York is over $100,000 per year?
How to pay for nursing home care is one of the biggest worries on the minds of seniors and their caregivers today, which is why proper planning is needed to cover high nursing home costs. Here is some advice for how to help a loved one prepare to enter a nursing home or assisted living facility and where to get legal help with nursing home care planning in New York.
Saving for Nursing Home Costs
Since the costs of nursing home care can financially cripple a family, it is recommended to start saving for potential long-term care as soon as you begin thinking about retirement. Medicare does not fully cover long-term care for seniors, especially for seniors who need nursing home services for several years or even longer. To approach nursing home care planning with the senior in your life, learn about the costs for different types of care in your area, and make preventative care a priority to keep your senior healthy and independent for as long as possible.
Reasons You May Need to Put Your Loved One in a Nursing or Assisted Care Home
We understand that making a decision to place an aging loved one in a care facility is often a very difficult and emotional choice. However, certain circumstances may cause you to look into these options more seriously.
For example, if your loved one has had multiple recent falls and gotten injured while living alone, it may be time to discus care options. Seniors who need daily medical care, frequent prescription drug administration, or help with activities like bathing and dressing may also benefit from long-term care in a responsible and compassionate institution. Mobility issues, wandering out of the house, and long distances between a senior and caregiver are other reasons that you may be looking into nursing home care planning.
How to Pay for Nursing Home Costs
According to the New York State Department of Financial Services, nursing home costs are approximately $124,100 in the northern metropolitan area to $142,350 per year in Long Island. Medicare may provide limited coverage, at best, for nursing home costs, but seniors cannot solely rely upon Medicare during this time of need. State Medicaid programs may be able to help cover nursing home costs for low-income seniors, while veterans’ aid can also help for seniors who were in the service.
It may also be useful to consider alternatives to nursing home care, such as assisted living environments that are typically less expensive than nursing homes and allow seniors to maintain more independence. Adult day care and home health programs may be a viable option, while tax breaks can help alleviate some of the financial burden on adult children. Meanwhile, some facilities may be open to negotiating their rates for incoming seniors based on vacancy rates and competitor pricing.
How Alatsas Law Firm Can Help with Nursing Home Care Planning
As elder law experts in Brooklyn, Theodore Alatsas, Esq. and his legal team can help you plan ahead for nursing home costs to give you and your loved one peace of mind. We will help you establish a comprehensive financial plan for future care in a nursing home or assisted living facility, as well as address your concerns about Medicaid planning, long-term care provisions, and long-term health care insurance.
Many seniors don’t realize that they can be sued by Medicaid for nursing home costs. Therefore, protecting assets from nursing home costs is also an important part of the planning process, and we are happy to guide you through the legal framework to ensure your loved one is always cared for in the best way possible.
Please contact us at 718-233-2903 to learn more about nursing home care planning and to schedule a free legal consultation.