At the present time, the average monthly cost of a nursing home is $10,555 on Long Island and $9,636 in New York City. Medicare will only cover up to approximately 3 months of nursing home care. Medigap policies will cover co-insurance charges only when medicare has covered. Where does this leave your loved one if he has no long term care insurance?
Medicaid is a program for New York residents who cannot afford to pay for the high cost of medical care. The Medicaid program, however, has income and resource limits as conditions of eligibility. Furthermore, an application for nursing home care will require a 36 month* history on all bank and security accounts since any transfers made during this period will affect eligibility.
To determine whether you or your loved one meets the requirements of the Medicaid program, or how you or your loved one may meet the requirements in the very near future, it is wise to seek the advice of an elder care lawyer with a Medicaid background.
*Effective February of 2009, the 36 month history requirement will being increasing by one month with each passing month until 60 months are required on all accounts by February of 2011.