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For many people, the best choice for long-term care costs involves setting up a Pooled Income Trust. Open to people of any age, it allows them to become financially eligible for insurance programs such as Medicaid, while at the same time preserving their monthly income in a trust to cover living expenses and other needs. By taking advantage of this option, a person can obtain Medicaid home care services for their long-term care needs, while continuing to have the money available to support themselves while at home. A variety of people can greatly benefit from establishing a pooled income trust, including recipients of personal injury settlements, elderly people who are ill and living at home, younger people who have special needs, and people who are applying for or already receiving government benefits.
While thinking about the difficulties one may face as they age is difficult, failing to do so can lead to financial problems that can devastate an entire family. Rather than allow this to happen, it’s best to contact a New York City Elder Law attorney as early as possible to make arrangements that will be satisfactory to everyone involved. By doing so, a family can gain peace of mind, knowing their financial and long-term care needs will be met.
Along with putting off planning ahead for long-term care, many people have little if any idea how much long-term care can cost. Unfortunately, it can be quite expensive. For example, living in a nursing home in New York can cost as much as $14,000 per month, while assisted-living facilities can cost up to $5,000 per month. If a person has not planned ahead for these costs, they will need to be paid out of a person’s savings, which for many families is simply not possible. Because of these potential scenarios, it’s imperative to work with a New York City elder law attorney to have a solid financial plan in place well ahead of these circumstances.
