The cost of long-term care can overwhelm even the most careful financial planning. Nursing home expenses often exceed $170,000 per year, and assisted living costs continue to rise. Medicare covers hospital care and rehabilitation, but it does not pay for long-term custodial care. Medicaid does, and it has become a lifeline for many older adults. […]
Medicaid trust
Will Medicaid Planning Impoverish My Spouse?
If you are thinking about Medicaid for long-term care, you may worry about what will happen to your spouse. Many people believe applying for Medicaid will strip their husband or wife of savings and income. The good news is that New York’s Medicaid rules include specific protections to prevent spousal impoverishment. With proper planning, you […]
Elder Law Alert: Long-Term Care Costs Can Consume Your Legacy
You spend decades working, saving, and building financial security. The idea is to pass on something meaningful to your loved ones and leave behind a legacy that reflects your life’s efforts. But one factor threatens to unravel those plans more often than people realize: the cost of long-term care. This is not a hypothetical risk. […]
Look-Back Period for NY Medicaid Waiver Is Looming
New York State’s decision to implement a 30-month look-back period for NY Medicaid waiver marks a significant change in how applicants qualify for long-term care benefits. This change is stalled because of provisions in Covid-era legislation, but it may finally be implemented next year. Here’s a comprehensive overview to help you understand this new regulation […]
Understanding Medicare, Medicaid, and the Medicaid Trust
When it comes to funding senior long-term care, understanding the distinctions between Medicare and Medicaid, as well as the role of a Medicaid trust, is key. Many seniors and their families often wonder if Medicare will cover the costs of long-term care. Let’s explore this topic and delve into effective planning strategies involving Medicaid trusts. […]
NY Elder Law Info: Can a Healthy Spouse Accept a Beneficiary’s Income?
The Medicaid program may never cross your mind as it applies to you personally, but it may in fact be quite relevant at some point. This jointly administered federal/state government health insurance benefit will cover long-term care for senior citizens. Medicare does not pay for custodial care, and since nursing homes are extremely expensive, Medicaid […]
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