Nursing Home Care and Medicaid Planning
It is drilled into your head that paying for college and buying a home are the biggest investments you will ever make. Not true. The cost of long term health care can dwarf college costs and home purchase expenses.
Home Health Aides charge $18.00-$25.00 per hour. An individual needing 24 hours of care can expect to pay almost $600.00 a day. Even a more limited 6 hours of daily care would still incur a $54,750 annual cost. A Nursing Home’s monthly cost can exceed $16,000.00.
Medicare can cover up to the first 100 days, but beyond that period you will have to pay that cost out of your pocket. That is $192,000 per year. For a family to preserve its assets in the face of this impending, monumental cost only Medicaid Planning from an Eldercare Attorney can offer the necessary protection.
In-Home Care and Medicaid Planning
When a loved one suffers a medical setback there is a great deal of uncertainty concerning the path forward. Reaching out to the professionals at Sloan and Feller is the appropriate first step. The attorneys, licensed Social Workers, and Service Coordinators understand the different health care trajectories and related planning requirements for patients and their families. Having a team by your side navigating the long-term care process will allow you to make the best decisions possible.
A health crisis requiring a hospitalization will often be followed by a stay in a rehabilitation facility. It is the completion of that rehabilitation that presents families with hard choices. Bringing a loved one home with care involves careful planning. If the care needs are great, then Medicaid would be a primary option to cover the high costs associated with home health care. Eligibility for Medicaid home care services is partially determined with asset and income limits. For 2021, applicants can have $15,900 or less in non-exempt assets and receive $884 /month or less in income. These totals are only starting points. The professionals at Sloan and Feller will educate you and your loved one on the asset transfer rules, exemptions, pooled trusts and Medicaid Planning tools that allow New Yorkers to receive the proper home health care without becoming financially devastated.
Our Social Workers and Service Coordinators will also guide you as your loved one transitions from rehabilitation to care at home. Setting up a successful home care environment while preserving a family’s finances is our mission.
Contact Sloan & Feller with your Medicaid Planning Questions.