How are we going to afford it?
If you have a parent or loved one who is faced with a sudden need for nursing home care, your family will likely need to explore your options to pay for a skilled nursing facility. It is no secret that nursing home costs are exorbitant — on Long Island, the monthly cost of nursing home care can easily amount to $12,000 or more — and most families simply cannot afford to foot the bill.
New York State provides Medicaid coverage for nursing home care; however, there are strict eligibility criteria, and many will not qualify without careful planning. For instance, Medicaid eligibility requires that the applicant have less than $14,850 in resources (with certain exceptions, such as the value of his or her residence).
In some cases, the use of gifting and/or making loans to family members can help applicants achieve eligibility while preserving their hard-earned assets. However, Medicaid can impose penalties for certain asset transfers. Before transferring assets, it is important to determine whether and to what extent you will face penalties and which strategy will help your family best preserve its assets.
If you have questions about Medicaid eligibility, contact our experienced team at Ansanelli Law Group, LLP.