( MENAFN - GetNews) Long Island Medicaid planning attorney Seth Schlessel ( ), of Schlessel Law PLLC, discusses the critical financial considerations individuals must take into account when transitioning into nursing home care. In the latest article, Schlessel provides valuable insights into how Medicaid planning can help protect assets while securing necessary care. The article addresses the rising costs associated with nursing home care in New York, highlighting the financial burden it places on individuals and their families.
According to Long Island Medicaid planning attorney Seth Schlessel, the average annual expense for a private room in a Long Island nursing home can exceed $176,000, depleting savings rapidly. Without proper planning, families risk losing a significant portion of their wealth. Schlessel explains that Medicaid is a vital resource for many, covering nursing home expenses when eligibility requirements are met.
When entering a nursing home, a comprehensive financial assessment is conducted to evaluate a person's ability to pay for care. This process, Schlessel explains, includes reviewing all countable assets to determine Medicaid eligibility. The Long Island Medicaid planning attorney outlines the difference between exempt and non-exempt assets under New York's Medicaid rules, an understanding that is crucial for effective financial planning.
Seth Schlessel highlights that while some assets, such as primary residences, may be exempt during a person's life.