The majority of seniors living in New York and around the country will eventually need long-term care, at least for a period of time. Unfortunately, many of these people are financially unprepared to receive such care.
New York residents and others are generally capable of calculating their monthly expenses. Having this skill may make it easier to plan for how much one will need in retirement. However, it is also important to plan for things like inflation, which may lead to higher costs over time. Paying more for goods and services may be increasingly difficult while living on a fixed income in retirement.
Some New Yorkers who are creating an estate plan may be concerned about how they will take care of a family member with disabilities. These disabilities may include genetic disorders, cerebral palsy, bipolar disorder or autism spectrum disorder, and they may be congenital or the result of an injury.
Most New Yorkers are aware of the political battle that has been raging over healthcare in the U.S. during the past few years. While President Obama and Congress managed to pass some important health care reforms, it is possible that those may be rescinded depending on the outcome of the 2016 presidential and congressional elections.
New York residents may worry about their medical care as they age, especially if they have limited financial resources for insurance and related out-of-pocket costs. However, Medicaid provides a great deal of support not only for the aging population but also for many disabled individuals, children, and others. Statistics indicate that an estimated 5 million elderly Americans are assisted by this program.
Many New York residents might benefit from learning more about how financial eligibility for Medicaid is determined. Medicaid applicants are required to submit documentation of any assets in their possession. When states assess the applicant's financial eligibility, some of the assets will be included in calculating income, while others may be excluded. The assets typically counted towards eligibility include certificates of deposit, stocks and bonds, savings accounts and checking accounts.
That above headline is far from overstated: These days, the cost of long-term care for individuals and couples in New York and throughout the United States is unquestionably high.
Family discussions about putting a loved one in long-term care can be very complicated and emotional. After all, thinking about a loved one having advanced medical needs isn't something people generally want to do. However, people may reach a certain point when they need hands-on care in their homes or a nursing home.