“Do you know someone currently in a nursing home? Have you ever thought about going into a nursing home yourself? Most people answer the first question “yes” and the second question “no.” It is one of those situations where we feel, “It could never happen to me.” But studies show that approximately two (2) out of every five (5) people reaching age 65 will need some type of long-term health care. You are likely one of the many people who would prefer to stay at home, no matter what the cost, but without the proper planning, the lack of available services and the staggering price tag may leave you with few alternatives.
The average cost of nursing home care in New York State is over $110,000 in the upstate area, and over $160,000 in the New York metropolitan area, and it is climbing each year!
If you choose to stay at home, where most of us would prefer to be, and hire home health aides, the cost of your care could be even more. In some cases, people pay over $200,000 per year for 24-hour-a-day home care. What many people fail to realize is that their health insurance and Medicare will not cover the cost of long-term care, whether at home, in assisted living or in a nursing facility.
The causes of our long-term care crisis are many: increasing costs, growing population of seniors, poor government management, medical technology resulting in greater longevity (whether in good health or bad) and the inability of families to care for our elderly at home. The result of the crisis is that we must all “rethink” the way we plan for the future, and take into consideration the very real possibility that long-term care may become a part of our lives.”
Above is the introduction to the newest edition of our long term care guide, How to Plan for Aging Parents 2015 (www.elderlaw.pro). We encourage you to go to our website and download the Guide to help better prepare you for the process of planning for yourself or a loved one. The guide covers topics such as the cost of long term care, what is life care planning, the truth about Medicare, private long-term insurance, self-pay for long term care, what you need to know about Medicaid & the Deficit Reduction Act of 2005, planning ahead for long-term care, and potential Medicaid recovery issues.
As with any planning, a good way to begin is to seek competent advice from a qualified professional. At Tully Law, P.C., we are dedicated to helping you find solutions to your long-term care concerns. Please call (631) 424-2800 for a consultation.