Medicaid and Long-Term Care Planning

Long-term care planning has become a crucial part of an effective estate plan. As life expectancy increases, so does the need for health care both at home and in a facility on an ongoing basis.

While some individuals may be able to pay privately for care, the reality is that many will require financial assistance to meet their needs as the cost of health care rises. For example, with the average cost of a nursing home in the NY Metro region and Long Island at approximately $18,000 per month, only the wealthy will be able to privately fund this type of care.

One option for sustaining the cost of care is Medicaid; a joint federal-state program. There are several types of Medicaid programs available for low-income individuals and for disabled and elderly individuals. It is important to note that while certain of these programs require the individual to qualify based on age, disability, and/or income/asset thresholds, planning strategies exist to make one eligible for these necessary benefits. Further, a common misconception is that to qualify for benefits, one must “spenddown” his/her assets. All too often, we encounter clients who are misinformed or misguided on gifting strategies.

We understand how stressful these situations can be and assist clients and caregivers through the Medicaid process with utmost compassion and sensitivity; from protecting assets (i.e., a home) to applying for and obtaining the benefits, to ensure that the appropriate level of care is rendered for the client and/or their loved one. Applying our knowledge and experience, we can help obtain Medicaid benefits and protect assets, while preserving one’s legacy in the process.