Whether you are someone who is currently taking care of an aging parent, or you are starting to think about your own care in the future, it can be shocking at first to learn about just how high long-term care costs are. We are not talking about a few hundred dollars either. Rather, care may cost tens of thousands of dollars per year — even upwards of $100,000 — leaving many wondering just who is going to foot these bills.
A recent article looked at the rising costs of elder care in the U.S. Genworth Financial tracked these costs. According to the company’s report, the average cost for a private room in a nursing home in New York is around $136,400 per year. Picture this cost over the course of multiple years.
It does not end there either, as this is just the cost today. The average cost continues to increase year after year.
The cost for care is also high for assisted living and home health aides. The same survey found the average in New York for assisted living is $49,200 a year, while a home health aide will cost around $52,000.
Seeing such high amounts, you may be thinking that you can just rely on Medicare to cover the costs. Sadly, though, Medicare does not cover long-term nursing home stays. Rather, many end up spending all of their life savings on care, until they qualify for Medicaid.
The good news though is that it does not necessarily have to be this way. Rather, you can be proactive and work with an attorney who focuses on elder law and estate planning in New York. This attorney can explain Medicaid planning and how to best protect your assets.