As you are going through life as a healthy adult, you may not concern yourself with possible physical limitations. After all, you eat well, you exercise, and you are approaching your retirement years in good health.
This may be a logical perspective, but you may want to look at a broader picture.
Long-term care is one of the most pressing matters within the elder law community because most people are going to need it. The need for living assistance is not a remote possibility; it is a likelihood, even if you have been in good health throughout your life.
How likely is it? The government maintains a website called longtermcare.gov, and according to the site, 70 percent of people who are reaching the age of 65 will need living assistance at some point in time.
Long-term care is a very big deal because of the fact that Medicare does not pay for custodial care. This is the type of care that you would receive in a nursing home or an assisted living community.
The average cost for a room in a nursing home in New York City is over $142,000 a year, while in Long Island, the average cost exceeds $148,000 a year. These prices have been rising on an annual basis.
Alzheimer’s disease is something to be very aware of if you are pragmatically looking ahead toward your elder years. The Alzheimer’s Association tells us that 45 percent of people who are at least 85 are suffering from the disease.
To get back to good health for a moment, if you have embraced a healthy lifestyle, you probably expect to enjoy a good deal of longevity. As a result, it could be argued that someone who enters retirement in good health could eventually be quite vulnerable to Alzheimer’s, because of these longevity expectations.
Indeed, many people in nursing homes are suffering from Alzheimer’s disease.
To prepare for possible incapacity, you could take steps that lead to Medicaid eligibility. This government health insurance program does pay for long-term care, and most elders in nursing homes are enrolled in the Medicaid program.
Because Medicaid is a need-based program, you could plan ahead to protect your assets before you apply for coverage. This must be done with full knowledge of the 60 month look back, because you are penalized and your eligibility is delayed if you give gifts within 60 months of submitting your application.
Free Elder Law Consultation
If these facts have gotten your attention, our firm can help. We would be glad to answer your questions about long-term care, and we can help you start to plan ahead with Medicaid eligibility in mind if you want to go forward.
To set up a free consultation, send us a message through this page: Queens NY Elder Law Attorneys