Putnam County Crisis Planning Lawyer
Health crises can strike at any moment, especially for seniors. And with the cost of nursing home care rising, many families can see their assets suddenly imperiled. At Myer & Spencer, our Putnam County crisis planning lawyers help families that did not have a chance to engage in advance asset protection planning.
Why You Need Crisis Planning
The cost of nursing home care is beyond the reach of most people. According to the New York Department of Health, the average cost for a nursing home in Putnam County is a staggering $149,136 a year. This expense can deplete a family’s entire savings, leaving nothing for the elderly person or their spouse to live on.
Initially, Medicare Part A will pay for a portion of nursing home costs. However, Part A will only cover up to 100 days of skilled nursing care. Also, seniors are responsible for a sizeable copayment after they have been in the nursing home for at least 21 days. When a loved one is struck down with a serious illness or injury, Medicare Part A is usually not enough, and family members begin looking to Medicaid to pay for nursing home care.
Ideally, seniors will engage in asset protection planning in advance, but that just is not possible for some people. Instead, a health crisis strikes and they don’t have any time. This is when they need crisis planning. The goal of crisis planning is to preserve as much income and assets for your family while still qualifying for Medicaid coverage.
Myths about Medicaid Eligibility and Crisis Planning
As experienced attorneys, we have heard many myths spread about Medicaid eligibility. These myths often lead people to make poor decisions, which might lead them to lose everything they own. Let’s review some of the worst myths:
- To qualify for Medicaid, you need to spend down all of your assets. This is completely wrong. Instead, you might be able to move assets into a trust, which will still allow you to use the income generated from those assets to help pay for living expenses.
- You need to hide assets illegally to qualify. This is another falsehood. There are proven, 100% legal methods of preserving assets and income that will still allow you to qualify for Medicaid assistance.
- The nursing home will help you qualify for Medicaid. You absolutely should not rely on nursing home staff to handle your finances. Instead, you need an experienced attorney in your corner who understands how Medicaid eligibility works.
- The nursing home will help you apply for Medicaid. Let the nursing home focus on what it does best—providing care for its residents.
Instead of listening to people who are well-meaning but don’t know the law, you need the steady guidance of a lawyer experienced in crisis planning.
Crisis Planning Lawyer Representing Putnam County & Mahopac
At Meyer & Spencer, we have helped countless families in the midst of medical crises protect their assets and income. For more information about your options, please call us or submit an online message.