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345 Buffalo Avenue, Niagara Falls, NY 14303

Elder Law

The high cost of long-term care has made planning an important issue for most seniors and their families. Preparing for potentially significant financial burdens averaging $16,000 or more per month will protect your hard-earned savings.

Long-Term Care Options

While some seniors can afford private pay, keep in mind that the ongoing cost of long-term care will wipe out your savings in a matter of years. By planning ahead and purchasing long-term care insurance, you’ll have a degree of certainty and peace of mind, but the high premiums can be up to $5,000 or more per person per year. We can review your policy to understand your coverage. It is common for policies to have high deductibles or only provide short-term care in a facility. Many people with long-term care insurance will still have to use Medicaid to pay for their care.

Medicaid Eligibility

Medicaid combines federal and state programs to provide medical assistance to various low-income individuals, including those 65 or older, disabled, or blind. Medicaid pays the majority of nursing home bills in America and serves as a last resort for people with no other way to finance their long-term care. Although Medicaid eligibility rules vary from state to state, there are federal minimum standards and guidelines.

Eligibility for Medicaid long-term care coverage has moved toward more restrictive rules, the latest being the Deficit Reduction Act of 2005, which has resulted in complex eligibility requirements for Medicaid benefits. Aside from reviewing your bank statements, there are many regulations involving look-back periods, income caps, transfer penalties, and waiting periods to consider. There are even rules affecting different types of assets which count toward income eligibility. We have the expertise to help avoid a financial crisis due to the high cost of long-term care.

Contact us to start the process of understanding the issues surrounding Medicaid eligibility and to implement the planning and application process.

The attorneys at the Law Office of Gold and Dezik are dedicated to helping you and your loved ones understand estate and trust planning, elder law, Medicaid planning, and trust settlements. We discuss New York estate laws in and around the Niagara Falls area to help you create an estate plan that meets your family’s needs.

The Law Office of Gold and Dezik assists clients in the Western New York area, including Niagara Falls, Niagara County, Buffalo, and beyond.

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