• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Who We Are
    • About Our Firm
    • Career Opportunities
    • Meet Our Team
    • News and Events
    • Seniors Rock Radio
  • Estate Planning
    • Elder Law & Medicaid Planning
    • Estate Planning Services
    • Estate and Gift Tax Figures
    • Family Farm Succession Planning
    • Family-Owned Businesses & Farms
    • IRA Planning
      • Planning With An IRA
      • IRA & Retirement Planning
    • Legacy Planning Services
    • LGBTQ Estate Planning
    • Pet Planning
    • SECURE Act
    • Special Needs Planning
    • Trust Administration & Probate
    • Young Families
  • Elder Law
    • Coping With Alzheimer’s
    • Elder Law Resources
      • Elder Law Reports
    • Guardianship & Conservatorship
    • Hospice Care
    • Veteran’s Benefits
  • Resources
    • Definitions
    • FREE Estate Planning Worksheet
    • FREE Webinars
    • Estate Administration Legal Guide
    • Estate Planning Articles
      • Questions for Your Estate Planning Attorney Before Creating Your First Estate Plan
      • How to Create Your First Estate Plan in 2022
      • How to Choose a Guardian for Your Child
      • Address These Three Questions in Your First Estate Plan
    • Estate and Gift Tax Figures
    • Frequently Asked Questions
      • Adult Guardianship
      • Alzheimer’s Care
      • Custodial Accounts for Minors
      • Estate Planning
      • FAQs for Families Without an Estate Plan
      • Elder Law
      • IRA & Retirement Planning
      • Is Your Estate Plan Outdated?
      • Legacy Planning
      • LGBTQ Estate Planning
      • Medicare and Social Security
      • Probate
      • Probate Avoidance
      • Irrevocable Trusts
      • Trust Administration
      • Trusts
      • Veterans’ Benefits
      • Wills
    • Newsletters
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning for Niches
      • Trust Administration
    • Top Estate Planning Techniques
  • Reviews
    • Our Reviews
    • Review Us
  • Medicaid Planning
    • Medicaid Planning
    • Emergency Medicaid & Nursing Home Planning
    • Medicaid Frequently Asked Questions
    • Medicaid Resources
  • Blog
  • Contact Us

Law Office of Michael Robinson, P.C.

Estate Planning Services in Rochester, New York and the Finger Lakes Area

Connect With Us Today

(585) 374-5210
Law Pay Button
Attend a Free Webinar
Home » Elder Law » Alzheimer’s Can Have a Financial Impact

Alzheimer’s Can Have a Financial Impact

March 5, 2020Elder Law

Alzheimer’s Can Have a Financial ImpactIf you are planning ahead for your retirement years and the twilight years that will follow, it may be hard to imagine a time when you will need living assistance. This is understandable, but when you look at lifespans, if you are fortunate enough to live until you are 67, your life expectancy is at least 85 years.

At that age, things can be considerably different than they were when you first started to receive Social Security benefits.

In fact, the United States Census Bureau has done some research that sheds a lot of light on the matter of aging in our country. Censuses are conducted every 10 years, and the information that is compiled is utilized to measure various different demographic trends.

According to this agency, the age group that was between 85 and 94 years old grew faster than any other segment of the population during the last census period. These individuals are referred to as “the oldest old” in geriatric circles.

Once you are an octogenarian, health challenges can make it hard to get around, and there can be cognitive difficulties as well. When it comes to the latter, Alzheimer’s disease is the primary culprit.

The Alzheimer’s Association website is a veritable treasure trove of information about this disease, and you should check it out if you are interested in educating yourself.

According to this highly respected entity, approximately 40 percent of people that are defined as the oldest old have contracted Alzheimer’s. If you include all Americans that are 65 years of age and older, the figure is a rather eye-catching 13 percent.

Clearly, a significant percentage of people with Alzheimer’s will eventually need around-the-clock living assistance in residential settings.

Nursing Home Care

If you pay into the program sufficiently throughout your working career, under currently existing laws, you will qualify for Medicare coverage when you reach the age of 65. There are out-of-pocket costs including copayments, deductibles, and premiums, but under most circumstances, they are manageable.

It would be logical to assume that the Medicare program would pay for long-term care for elders, since it exists to address the medical needs of older Americans. Though it may not make sense to a lot of people, Medicare will not pay for a stay in a nursing home.

Genworth Financial is a company that sells financial products for seniors, and they keep track of the state of long-term care costs in the United States. They produce national figures, and they also drill down state-by-state and city-by-city.

We serve the Rochester, New York area. Genworth has found that the median monthly cost for a private room in a nursing home here was $13,292 in 2019. This factors out to just under $160,000 annually. Relatively speaking, you would not be saving very much if you sacrifice some privacy and settle for a semi-private room, because the annual cost last year was $149,650.

Medicaid Planning

Medicaid is a jointly run federal/state government program that provides health insurance for people with very limited financial resources. It will pay for long-term care if you can obtain eligibility, but there is a $15,750 limit on assets in New York.

Your first thought maybe that you could never qualify because you have resources that exceed this amount, but but with proper advance planning you can preserve those excess resources and still qualify for Medicaid. This planning is very complex and should only be handled by an attorney who is an expert in Medicaid eligibility planning. Failure to plan correctly can result in losing Medicaid eligibility entirely, causing you to spend everything you have worked for your whole life.

Schedule a Consultation Today!

We are here to help if you would like to discuss Medicaid planning with an experienced, expert elder law attorney. You can set up a consultation if you call us at 585-374-5210, and you also have the option of sending us a message through the contact page on this website.

 

  • Author
  • Recent Posts
Michael Robinson, Estate Planning Attorney
Michael Robinson, Estate Planning Attorney
Clients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors.
Michael Robinson, Estate Planning Attorney
Latest posts by Michael Robinson, Estate Planning Attorney (see all)
  • How Estate Planning for a Family May Trap the Unwary Practitioner - August 31, 2022
  • State Income Taxation of Social Security Benefits - August 24, 2022
  • Understanding Tax Apportionment Clauses - August 17, 2022

Other Articles You May Find Useful

elder law lawyer
How Can You Avoid Unwanted Medical Care?
Alzheimer's incapacity planning
Alzheimer’s Disease: The Inconvenient Truth
living trust
Original Infrastructure Plan Would Boost In-Home Care for Seniors
Medicaid planning
Medicaid Planning: What Happens to the Beneficiary’s Income?
Medicaid_Medi-Cal
What Is the 2021 New York Medicaid Asset Limit?
Medicaid planning 9
Four Key Facts About Medicaid Planning

Primary Sidebar

Law Office of Michael Robinson, P.C.

Blog Subscription

  • This field is for validation purposes and should be left unchanged.

Follow Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube

TESTIMONIALS

News & Events

Seniors Rock Radio Show Recording 5-1-21

https://drive.google.com/file/d/1U7UkQbEGy-xY7XFAXvX9Qz7pKSVDVV3D/view?usp=drive_web   Author Recent Posts Michael Robinson, Estate Planning AttorneyClients notice Michael Robinson’s unique approach to his estate planning practice the minute they walk through his office doors. Latest posts by Michael Robinson, Estate Planning Attorney (see all) How Estate Planning for a Family May Trap the Unwary Practitioner -... Read more →

Pittsford Office

1163 Pittsford-Victor Road, Suite 120 (Powder Mill Office Park)
Pittsford, NY 14534-3817
Phone: (585) 374-5210
Fax: (585) 485-0394

See Larger Map Get Directions

Map

mrobinson_sidbr_map

Footer

  • Advantages of Working With Our Firm
  • About The American Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

Connect with Us

  • Facebook
  • Twitter
  • Linkdin
  • Youtube
robinson law logo

The Law Office of Michael Robinson, P.C.

Attorney Advertisement


© 2023 American Academy of Estate Planning Attorneys, Inc.