Are You Prepared for
Long-Term Care Costs?
Did you know that 70% of people over the age of 65 will require long-term care at some point in their lives? The cost of care can be overwhelming, with the average cost of nursing home care in New York exceeding $175,000 (change to $200,000) per year. Without a proper plan, these expenses could quickly deplete your savings and put your family’s financial security at risk.
Are You Prepared for
Long-Term Care Costs?
Did you know that 70% of people over the age of 65 will require long-term care at some point in their lives? The cost of care can be overwhelming, with the average cost of nursing home care in New York exceeding $175,000 (change to $200,000) per year. Without a proper plan, these expenses could quickly deplete your savings and put your family’s financial security at risk.
Schedule Your Initial Consultation Today!
CLICK HERE TO SCHEDULEUnderstanding Long-Term Care Costs and Medicaid Planning
The Problem:
High Cost of Long-Term Care
As healthcare costs rise, many families are faced with the reality that their loved ones will need extended care. Whether it’s in-home assistance, or nursing home care, the costs add up quickly.
The Average Costs
- Nursing Home Care: $14,273* per month, $171,276 per year
- In-Home Care: $34 Per Hour**, $272 a day (8-hour care), $99,280 a year
Without proper planning, these costs can devastate your financial future, leaving your loved ones to make difficult decisions.
*What New York State believes a nursing home costs in 2024 New York City (psst, we think its more like $15,000- $22,000 a month!)
** According to a Genworth Study
The Solution:
Medicaid Planning with Miller & Miller
There are three ways to pay these costs:
- Privately
- Long-Term Care Insurance
- Medicaid
Medicaid is a government program that can help cover the cost of long-term care, but qualifying for benefits isn’t easy. Strict income and asset requirements, combined with complex rules, can leave families unsure of how to proceed. This is where we come in.
At Miller & Miller, we assist in Medicaid planning and Elder Law. Our goal is to help you:
- Qualify for Medicaid benefits without losing your assets.
- Protect your home and savings from nursing home costs.
- Create a long-term care plan that gives you peace of mind.
The Stakes:
Don't Leave Your Future to Chance
- Losing your savings to cover nursing home costs.
- Leaving your spouse or family without financial security.
- Facing denial or delays in receiving Medicaid benefits.
The Solution:
How We Can Help You
- Evaluate Your Situation
- Medicaid Eligibility Planning
- Asset Protection Strategies
- Medicaid Applications
Success Story
How We Helped One Family Save Their Home
A client and her family came to us five years before their mother was admitted to a nursing home. We were able to help them create a Medicaid Asset Protection Trust, ensuring the family home was protected while still qualifying for Medicaid. After their mother went into a nursing home, Medicaid paid $342,000 toward the cost of her care. The family paid $0 for the nursing home and that $342,000 went to the family instead of the nursing home.
What People Are Saying About Us
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