Many aging New York residents are concerned about retirement planning. In addition to funding accounts and making arrangements to live out retirement in a comfortable community, the possibility of needing long-term care also presents significant issues.
While people may be living longer, this does not mean that they are not at risk for various medical conditions that could become disabling. At some point, these individuals may not be able to live independently. In some cases, an in-home caretaker might be a good option, but for many people, residential care is needed. The reality is that they may have to move into a long-term care facility. This, however, can be quite expensive if they haven't planned well in advance.
Unfortunately, many people think they can rely on Medicare to pay these costs. However, there are time limits on the length of time that Medicare will pay for residential care. After that, individuals are on their own. Another option is Medicaid, but using Medicaid to pay for long-term care requires individuals to spend all their assets before qualifying. This can leave individuals and married couples extremely vulnerable as they may have little choice in care facilities and are left without any assets for themselves or to leave to their children.
In some cases, however, it is possible to protect assets, regardless of one's long-term care plan. An experienced attorney may be able to advise clients on several long-term care need options. In addition, the attorney may be able to offer other ideas for funding long-term care through various types of insurance and investment accounts.