The cost of a nursing home can devastate a family. Planning for who will pay for a nursing home can easily be the single most important financial decision a person or family might ever make.
If you or a relative requires nursing home care whi will pay for it? This is a monthly expense that needs to be paid. The question is, who is responsible for paying this monthly fee?
A Nursing Home charges a patient on average $11,455.00 per month in Dutchess County, Putnam County, and Westchester County.
Options to pay include:
Obtaining nursing home care, preserving family funds, and maintaining Medicaid eligibility is the goal of many individuals and families. To achieve this, an Estate Plan is needed.
To discuss the specifics of your case with our Hudson Valley Estate Planning Attorney, schedule your free initial consultation today.
Medicaid is a government program that, under the right circumstances, pays for a patient’s nursing home costs. Typically, a person must have less than $15,000.00 in assets to qualify for Medicaid assistance. Medicaid will review an applicant’s financials for the previous five years to determine if they are eligible.
If not eligible, the costs of long-term care (Alzheimer’s disease or paralysis caused by stroke, etc.), results in a great expense to the patient’s family. This can eventually devastate a family’s hard-earned assets. To be most effective, an Estate Plan needs to be in place five years before a Medicaid application is completed.