With nursing homes in Westchester County averaging $15,000 to $17,000 per month, it’s absolutely essential for seniors to engage in asset protection and Medicaid planning to prevent their life savings from being exposed to the cost of long term-care.
Westchester County, N.Y. (PRWEB)
August 31, 2017
More than 20 percent of U.S. residents are projected to be aged 65 and over by 2029 (U.S. Census) and, according to the U.S. Department of Health and Human Services, nearly 70 percent will need long-term care at some point in their lives. Westchester elder law attorney Anthony J. Enea, member of Enea, Scanlan & Sirignano, LLP in White Plains and Somers, N.Y., addressed Caring.com’s recent report, 2017’s Best and Worst States to Grow Old, with insights on preparing for the elder years.
The Caring.com study ranked New York as 48th overall, placing it third on the list of ten worst states to grow old for the second consecutive year – largely due to its high cost of long-term care. The study findings, which take into account senior living community reviews, nursing home costs, and elderly well-being assessments, has New York at 46th for cost and 34th for quality of life.
“As Caring.com’s findings support, New York is one of the most costly states for senior care services – a critical factor in its low ranking,” said Anthony Enea. “With nursing homes in Westchester County averaging $15,000 to $17,000 per month, it’s absolutely essential for seniors to engage in asset protection and Medicaid planning to prevent their life savings from being exposed to the cost of long term-care. Failure to do so can, and often does, have devastating consequences for the senior and his or her loved ones.”
According to Enea, two documents of great importance to seniors as they age are the Durable General Power of Attorney (POA) and Health Care Proxy (HCP). A sufficiently broad POA and HCP will help alleviate significant potential problems for both the senior and his or her family.
“There are a number of specific options available to seniors which will allow them to shelter their assets from the cost of care,” said Enea. “Purchasing long-term care insurance can help…