Importance of Medicaid
New York Elder Law Attorney
The high cost of long-term health care has made the importance of Medicaid a critical topic of concern for many middle-class seniors and their families throughout New York. At one point or another, elderly citizens will need some form of long-term healthcare. Unfortunately, many are not aware of the significant expenses that are associated with this type of care. Countless families have their finances turned completely upside down as a result of being unprepared for the immense financial demand for simply taking care of their loved one.
Your loved one deserves the highest quality of life, especially when that individual is in his or her golden years. We have seen tragic cases in which families try to scrape money together to make ends meet in order to provide basic necessities for an elderly loved one. With the help of a New York elder law attorney at Korsinsky & Klein, LLP, we will help you take steps in the right direction to obtain affordable long-term care for your loved one.
Can You Afford Good Health?
According to recent studies conducted by the American Association for Long-Term Care Insurance, the price for the average long-term care insurance policy has reached a historic high. The average price for “preferred health” individuals who qualified for long-term insurance in 2012 was found to be the following:
- The annual cost for a 55-year-old individual is $1,720.
- The annual cost for a 55-year-old couple is $3,335.
In most cases, a senior citizen may have to buy a higher, more expensive policy for extended coverage. The financial devastation of long-term care can put an immense financial strain on individuals and families in New York. Even people who are fortunate enough to have planned for the future often find that, over time, they can no longer afford long-term care insurance deductibles. The financial burden can put them at risk of uncertainty, or worse, no way to pay for care at all.
What is Medicaid?
Medicaid is a federal government program that provides medical assistance to high-need, low-income individuals. The state of New York has very strict eligibility requirements that an individual must first fulfill before applying for Medicaid. If you have high medical demands and low income, you may be eligible to receive Medicaid benefits! Eligibility requirements and considerations can include:
- Minimum age of 65 (unless applicant is disabled or blind)
- Low income
- Value of assets
- High medical bills
- Receiving Supplemental Security Income
Whether you need medical assistance due to a medical condition or you need financial assistance to pay for nursing home bills, Medicaid can be a great option for you. If you have no other way to finance your long-term care, speak with our lawyers. We will determine which course of action can provide you with lasting healthcare in the upcoming years without breaking your budget.
Contact a New York Medicaid Lawyer at Korsinsky & Klein, LLP
If you wish to learn more about the importance of Medicaid or Medicare, we will discuss both programs with you in detail. If you’re like most people, you probably have questions about financing your future healthcare. We will take the time to listen to your concerns and address them patiently, compassionately and attentively. The New York elder law attorneys at Korsinsky & Klein, LLP, treat our clients like our own family, with the utmost degree of respect and care.
Contact us online or call 212-495-8133 to set up your consultation. We offer in-home consultations and are able to come to you at your convenience. Many of our services come at a flat rate, meaning you will have access to quality, affordable legal services. After you sign up for a case evaluation, we will start providing you with the guidance you need. We serve clients in New York and New Jersey.