If you are concerned about long-term care and nursing home expenses, purchasing a long-term care insurance policy can be extremely beneficial. Long Term Care Policies are insurance policies that pay for nursing home expenses.
Although many people think that Medicare or Medicaid will pay for long-term care expenses, this is not exactly true. Medicare will pay for a nursing home for a short period of time following a hospitalization. Medicaid will pay for a nursing home after you have exhausted your other assets, and may make a claim against your estate after your death.
Some individuals who don’t consult with an Elder Law attorney in New York may decide that in order to get around the rules, they will transfer their assets to a loved one, so that they can qualify for Medicaid for the nursing home. However, in New York there is a five year “look back” period that applies to most asset transfers. If an individual transfers assets, and then applies for Medicaid in the next five years, he or she will be penalized and disqualified from receiving Medicaid for a certain amount of time.
Long Term Care Policies are one way to pay for a nursing home without spending all of your assets that you have worked for a lifetime to accumulate. In addition to paying for your nursing home expenses, in New York if you purchase a New York State Partnership Long Term Care Insurance policy, you can qualify for Medicaid after your coverage period ends, regardless of the amount of assets that you own.
Medicaid rules can be extremely tricky and one wrong move may cost you thousands of dollars. If you’re in New York and need to figure out your options for paying for long term care, call the New York Medicaid Law attorneys at Friedman & Ranzenhofer at 716-542-5444. We have thirteen offices in New York at which to serve you. Contact us to learn more