Elder law is another aspect of estate planning, focusing primarily on the needs of families and individuals as they age. Issues of aging include long-term (or nursing home) care, assisted living care, in-home care, Medicare and Medicaid.
The Marrone Law Firm works with families to address each of these needs from both a financial and an emotional perspective. We will help you start the conversation, create the best plan, and carry out your wishes to protect and preserve your assets. Our Syracuse long-term care planning team serves families throughout Onondaga County, the surrounding counties, and elsewhere in New York. We welcome you to contact us for more information about our services.
As our population ages, more and more of us confront elder law-related issues, whether for ourselves or our parents. One of the most pressing issues is long-term nursing home care, which usually is not covered by traditional health insurance or Medicare. Depending on where you live and the level of care needed, nursing home care can cost from $100,000 to $175,000 a year. The average stay is slightly more than two years. Most people end up paying for nursing home care until their personal (or family) assets are depleted, then they may qualify for Medicaid to pick up the cost.
Careful planning, however, can help protect your assets, whether for your spouse or for your children.
We review each client’s unique family and financial situation and offer planning recommendations designed to provide assets to pay for all needed care while preserving the client’s estate for his/her surviving spouse and heirs to the maximum extent possible. In addition to planning for the possibility of long-term disability, we advise clients and their families after such disability occurs. Medicaid and other needs-based public benefit eligibility rules change almost daily; as they become increasingly complex there are pitfalls for the unwary, but there are also opportunities for planning. We advise clients to seize these opportunities using a variety of strategies including trusts, gifts, and loans. Additionally, we are available to prepare the Medicaid application itself and see it through the often lengthy approval process, including attending Fair Hearings and appeals.
Clients are frequently confused over the differences between Medicare and Medicaid. Though their names are very similar, the programs are quite different. Medicare is an entitlement program, a federal health insurance program in which most people enroll when they turn 65 years old. There are no financial qualification rules. Medicare has two primary parts: Part A and Part B.
Medicare Part A covers in-hospital care, extended care after a hospital stay, some home health care services, and hospice services. The rules for nursing home coverage are very strict and, in fact, Medicare pays for no more than 100 days of nursing home coverage, check out our blog for more discussion on this topic.
Medicare Part B covers most medically necessary doctors' services, preventive care, durable medical equipment, hospital outpatient services, laboratory tests, x-rays, mental health care, and some home health and ambulance services. You pay a monthly premium for this coverage.
The Marrone Law Firm's Syracuse elder law attorneys are happy to answer your questions at a no obligation consultation. We work with clients throughout Onondaga County, the surrounding counties, and elsewhere in Upstate New York.