The cost of a nursing home can devastate a family. The cost of a nursing home can be greater than the cost of the patient’s home. Planning for this possible expense is the single most important financial decision a person or family might ever make.
If you or a relative require a nursing home, 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. Additional fees will be charged for extra services such as feeding tubes and ventilators. 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, ect.), 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.
At Martin Law, PC, our Hudson Valley Estate Planning Attorney has proudly helped individuals and families prepare for the future for more than two decades. It’s never too early to start the estate planning process – call (845) 764-8104 today to learn how we can help you.