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 $25.00-$35.00 per hour. An individual needing 24 hours of care can expect to pay $800.00 a day. Even a more limited 6 hours of daily care would still incur a $75,600 annual cost. A Nursing Home’s monthly cost can exceed $19,000.00.
Medicare along with Medicare Supplemental Insurance 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 $228,000 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 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 The Feller Group, P.C. is the appropriate first step. An elder care attorney and Medicaid Coordinator both 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 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 2023, applicants can have $28,134 or less in non-exempt assets and receive $1563 /month or less in income. These totals are only starting points. The professionals at The Feller Group, P.C. 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 or Assisted Living Medicaid without becoming financially devastated.
Medicaid approval for Home Care is only the first step. Our Medicaid Coordinator will also guide you as your loved one transitions from rehabilitation to care at home. There will be assessments which determine the number of approved hours. Sometimes, finding aides may be difficult. New York offers Medicaid Waivered Programs such as Consumer Directed and NHTD. Consumer Directed allows families to choose their own caregiver to be paid by Medicaid. It could be family members, friends, neighbors or other interested people. The NHTD or Nursing Home Transition program provides nursing home quality care at home.
Nursing Home Care Planning
With private pay costs being out of reach for most New Yorkers and Long-Term Care Insurance covering only a fraction of the people needing care, Medicaid is the necessary option to pay for nursing home care. Becoming eligible for Nursing Home Care is more difficult than Home Care because of the 5 year lookback and the penalizing of asset transfers. While spousal transfers are protected, transfers to children and other third parties may be penalized if they fall within the 5 year lookback period. Medicaid penalties delay approval and force families to pay privately until the penalty period has been satisfied. For 2023, a person may only have $28,134 in assets, not including qualified retirement accounts in payout status. Owning a primary residence may not disqualify an applicant from Nursing Home Medicaid, but they would have a six month window to figure out how to deal with the property if they file an Intent to Return Home letter with their Medicaid Application.
This is only one component of a complex process. The professionals at The Feller Group, P.C. have a knowledge base that includes legal strategies to preserve assets and reduce penalties.