The Rising Costs of Medicaid and Managing a Medicaid Crisis

 

Senior woman dealing with a medicaid crisis

Did you know that in the United States, the median monthly cost of a semi-private room in a nursing home is currently more than $7,900? And the cost of a private room exceeds $9,000 per month! Plus, depending on where you live, costs can even be considerably higher.

Making matters worse, costs rise according to the level of care needed and they are expected to continue increasing dramatically in the future. (You can see the current costs for home care, adult day care, assisted living, and nursing home care in your area by visiting https://www.genworth.com/aging-and-you/finances/cost-of-care.html.)

Despite the exorbitant costs of long-term care, nearly 70 percent of those over the age of 65 will require long-term care at some point in their lives, and 20 percent will need long-term care for five years or more. Given this, it’s easy to see why many families exhaust their life savings within a few years of a family member entering a nursing home, and why more than half of all nursing home stays are now funded by Medicaid.

But planning for your loved one’s future care isn’t always easy. If they have already moved into a nursing home, or must enter one in the very near future, and you have been informed that they own too many assets to qualify for assistance from Medicaid then your family is in a Medicaid Crisis situation.

Such a situation is indeed a financial crisis for all but the wealthiest families. If you or a loved one is facing a Medicaid Crisis, try to remain calm. Much of the information we hear about Medicaid from friends, relatives, nursing home staff, caregivers, and many others is outdated or incorrect.

There is hope! A qualified elder law attorney can help you by assessing your unique case, strategizing the options that are best for you and your family, and obtaining assistance from Medicaid. It is possible to get Medicaid assistance even if you are already in a nursing home or will need to enter one next month, next week, or even tomorrow. Even if you have applied for Medicaid assistance in the past but were rejected, it is entirely possible that a qualified elder law attorney can still obtain the financial assistance you need.

Contact a New York Elder Law Attorney

You’ve worked too hard to lose your life savings to the nursing home. Let an experienced elder law attorney help you secure the financial assistance you need and deserve. Contact us today for a consultation to discuss your plan.

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