What would happen to your family and your money if you go into a nursing home?
In New York, the average monthly cost of a nursing home is between $10,000 and $15,000. This comes to anywhere from $120,000 to $180,000 per year. Also, the government is continually changing the laws that relate to Medicaid and looking for ways to restrict who can benefit from this assistance. Failure to plan now can cause unnecessary loss of all or a part of your hard-earned family assets and savings.
It’s Not Too Late to Plan
Even if you don’t qualify for long-term care insurance and even if you are already in a nursing home, it’s not too late to plan. New York law specifically allows multiple ways to protect one’s savings and assets while qualifying for Medicaid to pay for nursing home and other skyrocketing long-term care costs. Most people are shocked to learn how much they can protect through comprehensive elder care planning. Gregory L. Piede is a lawyer who focuses his legal practice on elder care law, Medicaid planning and the unique legal issues that confront the families of seniors. Though we never plan or hope that someone will enter a nursing home, it is imperative that a family prepare for the risk of needing this type of long-term care simply because the impact of not planning can be disastrous.
To schedule an appointment with an attorney skilled in this complex area of elder law, contact the law firm Piede Law LLP. Clients are welcome throughout New York State, and it is possible to arrange home visit in Rochester, New York and the surrounding counties.