Helping residents ensure that they receive the long-term care that they need without depleting their assets is at the core of all New York elder law services. Some reports indicate that about two-thirds of Americans who reach the age of sixty five will need long-term care at some point. Most often this constitutes specialized aid in a nursing home or related assisted-living facility. The cost of this care is high. Without forethought and planning the financial toll of these services may cause area residents to lose property and assets that they built over a lifetime.
Fortunately, a professional in this area can share information on New York Medicaid strategies to protect one’s estate. Usually the best options involve use of long-term care insurance or creation of a Medicaid Asset Protection Trust (MAPT). The insurance option is generally the most preferable, because it pays the cost of having caretakers come into a senior’s home to provide necessary assistance. This allows residents to “age in place” without the need to leave their own dwelling.
Earlier this month the Daily Star reported on the immense benefit that comes with long-term care insurance for those who are capable of buying coverage. Not surprisingly, timing matters when it comes to this insurance. The younger one is when they begin the policy, the more affordable the premiums. A Wall Street Journal article recently explained how an average policy for a 45-year-old would be around one-third the yearly cost that a 65-year-old would pay for the same coverage.
As with all types of insurance, a variety of forms can be purchased depending on the needs and desires of the beneficiary. One must choose between ‘indemnity” and “reimbursement” policies, the amount of coverage to take out, whether there will be an “elimination” period, and similar details. Many families may also chose to pair the insurance with the creation of a MAPT.
Unfortunately, depending on one’s age and medical condition, some find it difficult to purchase this insurance in any form. In those cases, other options exist, like the MAPT or the “Gift and Loan” strategy for seniors on the nursing home doorstep.
When it comes to long-term care there is likely no superior alternative to long-term care insurance. It helps many families ensure that their assets are protected and that they have the most flexible options to help with elder care needs. However, this coverage can be expensive and unavailable to certain residents. No matter what ones situation–whether long-term care needs are years away or around the corner–it is important to get in touch with a New York elder law attorney to learn about each option and prepare a strategy for your unique case.
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