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The average annual cost of cost of a nursing home ($166,872.00) 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 who will pay for it? The average fee in the Westchester, Putnam, Dutchess (Northern Metropolitan Region) area is $166,872.00 per year. This is an expense that needs to be paid. The question is, who is responsible for paying this fee?
Options for Payment
$166,872.00 is the average annual expense of a nursing home in the Westchester, Putnam, and Dutchess area.
Options to pay include:
- The patient can pay out of his or her own funds;
- The patient’s family can pay; or
- If the patient qualifies, Medicaid will pay for the nursing home.
To discuss the specifics of your case with our Dutchess County Estate Planning Attorney, schedule your free initial consultation today.
Understanding the role of Medicaid
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.
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