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How Can I Pay For Long-Term Care?


Long-term care for older adults in Mahopac and throughout New York State is extremely expensive, and it is important for seniors to think about asset protection strategies in the event they need to pay for care in a nursing home or to move into an assisted-living facility. According to the New York State Department of Financial Services, nursing home care prices depend upon the specific area of New York State where an older adult will require care. In some areas of upstate New York, for example, the average cost is anywhere from $264 to $308 per day. In downstate New York, including in Putnam County, the average cost is around $340 per day, which equates to about $124,000 per year. To be clear, long-term care in a nursing home is very expensive.

Even if you require long-term care in your home, you will still pay a significant amount of money, up to tens of thousands of dollars per year. How can you pay for long-term care? You need to plan ahead for it.

Out of Pocket

If you have the funds, it is possible to pay for long-term care out of pocket. However, given the average costs for nursing home care in downstate New York, even one year in a nursing home can deplete a person’s savings, and multiple years of care in a nursing home can cost hundreds of thousands of dollars. As such, unless you have substantial wealth—and even then—it is important to think about other options for long-term care and asset protection.

Long-Term Care Insurance Coverage

Before you require long-term care in a nursing home, you may be able to purchase long-term care insurance that will cover a portion of the costs associated with residing in a nursing home. There are many different types of long-term care insurance, however, so it will be important to seek advice from an elder law attorney about the best long-term care insurance for your needs.

Medicaid Coverage

Most older adults will want to plan for Medicaid to cover necessary nursing home care. However, in order to qualify for Medicaid coverage, it will be essential to “spend down” assets since Medicaid is designed for individuals with limited assets. To spend down assets, you will not be able to transfer assets to a family member or another party within a particular amount of time before needing care. If you do, you could face a penalty for any transfers made during that “look back” period. Instead, you will need to consider ways of protecting your assets while being eligible for Medicaid, and a lawyer can help.

It is also important to know that Medicare does not pay for nursing home care, so Medicaid eligibility will be important and often essential to consider.

Contact a Mahopac Elder Law and Asset Protection Lawyer

If you are starting to think about asset protection and long-term care planning for yourself, or if you have an elderly loved one who may soon require long-term care, it is important to seek advice from a lawyer who can help. One of the Mahopac elder law and asset protection attorneys at Meyer & Spencer, PC can speak with you today about options for paying for long-term care and methods of asset protection in New York.




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