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Planning for long-term care: A must in New York retirement

On Behalf of | Jun 10, 2024 | Medicaid

As you approach the retirement age, planning for long-term care becomes an essential part of your preparations. It is not just about having the resources to fund your needs, but also about ensuring you have the necessary care and support when you need it most. Here are some things you need to know to secure your future.

Why is long-term care planning important?

As you age, you may need assistance with daily tasks due to physical or mental changes. According to the Administration for Community Living, a person turning 65 today has a nearly 70% chance of requiring long-term care services in their remaining years. Long-term care planning helps you prepare for these potential needs, ensuring that you have the means to maintain your quality of life.

Understanding long-term care in New York

Long-term care in New York can be quite expensive. According to Genworth’s Cost of Care Survey 2021, the median annual cost of a private room in a nursing home in New York is $158,797. Without proper planning, these costs can quickly drain your retirement savings.

The role of Medicaid in long-term care

Medicaid is a joint federal-state program that provides health coverage for low-income individuals, including those who need long-term care services. In New York, Medicaid can help cover the cost of long-term care if you meet certain income and asset limits. However, it is important to note that Medicaid rules are complex. Consulting with a legal professional can help you understand these rules and make the most out of your benefits.

Long-term care planning is a must

Long-term care planning is a crucial aspect of your retirement planning. It is more than just finances – it is about ensuring you have the care and support you need to live comfortably and independently for as long as possible. Do not wait until it is too late.