How Do I Afford a Nursing Home?

Long-term care is very expensive. Most people cannot afford to pay for long-term care services for very long privately. Nursing home care costs vary throughout New York State, however on Long Island, nursing home care costs approximately $390 per day or $142,350 per year. This cost can deplete your savings rather quickly.

Three ways to pay for care in a Nursing Home

  1. Savings. Not the best plan, especially if your intention is for your savings to care for you and a spouse. As we mentioned earlier, you’ll deplete your savings quickly given the cost of nursing home care.
  2. Long Term Care Insurance. Unfortunately, long-term care insurance is expensive, and not everyone can afford the premiums. Additionally, the policies do not always cover the entire cost of care.
  3. Medicaid. A wide-ranging, state and federally funded health care program. This program is primarily for low-income individuals and covers pregnant women, children, disabled individuals, and New York senior residents over 65. However, Medicaid planning is no longer just for low-income individuals. The cost of long-term care facilities is so exorbitant that even middle-class Long Islanders receive Medicaid assistance.

What is Long Term Care Planning?

Maximizing quality of life as we grow old is a goal toward which we all strive. Long-term care planning is one of the best ways to ensure lasting quality of life in our Golden Years. Medicaid Planning is essential considering Long Island nursing homes are expensive, and planning for the expense of nursing home care can seem far off. However, planning today will ensure that your quality of life and peace of mind will continue well into the future.

Our attorneys assist with setting up cohesive strategies for long-term care planning to make nursing home care affordable and worry-free.

Will I Qualify for Medicaid?

Medicaid eligibility is very complex; the rules and criteria can change frequently. That is why you should not do it without the guidance of a trusted elder law planning attorney. If you do not prepare your applications correctly, it can impact your eligibility. Additionally, if you violate the look-back period, you can face penalization, meaning you will be ineligible for Medicaid for some time.

A Long Island elder law attorney will help you determine whether or not Medicaid is suitable for your situation. The Medicaid process can be complicated, especially if you are trying to get benefits retroactively. If the date of application has passed and Medicaid determines that you should have applied earlier, it may deny your case entirely! Therefore, getting an experienced Long Island Medicaid planning lawyer involved early on would benefit any family seeking Medicare assistance in New York. Our team at Sheryll Law, P.C. understands the intricacies of the Medicare system, so we know how best to protect our client’s interests and maximize their chances of qualifying for this vital public service program.

When Should I Start Nursing Home Planning?

Planning today is critically important because of specific rules allowing Medicaid to look at your assets years before you apply in what is known as a look-back period. Currently, in New York, the look-back period for Nursing Home Medicaid is five years. During this time frame, Medicaid checks all past transfers to ensure no assets were gifted or sold for less than they are worth. Suppose they determine that you violated the look-back period. In that case, you can be penalized with a Medicaid penalty period, meaning you will be ineligible for Medicaid for a period of time.

Before you need Medicaid assistance, planning will ensure that your quality of life and peace of mind will continue well into the future. Even if you did not plan early, the elder law and Medicaid planning attorneys at Sheryll Law, P.C. may still be able to help you qualify for Medicaid.

Our experienced attorneys know the Medicaid planning tools that can help you avoid the pitfalls of Medicaid eligibility, including:

  • Gifting of cash and assets to family members
  • Placing assets into irrevocable trusts
  • Purchase of long-term care insurance
  • Purchasing annuities
  • Transferring the title to your home to intended beneficiaries

Proper use of these tools can lower the income and asset base that Medicaid will use to determine eligibility.

Call Sheryll Law, P.C. Today to Get Started

Sheryll Law P.C. offers elder law and Medicaid planning services for our clients. Our attorneys assist with setting up cohesive strategies for long-term care planning to make in-home and nursing home care affordable and worry-free. When it comes to something this important, you need an ally, someone who can advocate on your behalf. Contact us today at (631) 206-5893, or complete our online form so you can begin to prepare for the future.


Copyright© 2021. Sheryll Law, P.C., P.C. All rights reserved.


The information in this blog post (“post”) is provided for general informational purposes only and may not reflect the current law in your jurisdiction. No information in this post should be construed as legal advice from the individual author or the law firm, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting based on any information included in or accessible through this post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.

Sheryll Law, P.C.
633 East Main Street, Suite 2
Riverhead, New York 11901
(631) 206-5893

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