Consider staying in or moving back to New York. If you’re planning to move out-of-state and anticipate needing long-term care, think twice. If you’ve already moved to another state and are now in need of home or nursing facility care, returning to New York may be best, both medically and financially. That’s because New York law is more generous in providing for long-term care needs than most other states.
This is especially true for home care. Many states have very limited home care programs, and eligibility for their programs may be difficult to establish. New York on the other hand, has a huge home care program. There is a lot of funding for home care, and many providers.
We’ve had clients who retired to Florida. When their health started failing, they had to return to New York because they just couldn’t get the kind of health care in Florida they could here.
Another reason New York is favored with regard to home care is that there’s no “look back” period to check for transfers. There is also no penalty for transferring assets, hindering your ability to qualify. In New York State you can do effective planning, shift assets as needed and very quickly become eligible for home care. If you initiate an asset protection plan, you can sometimes become eligible much sooner than you might think.
25 Strategies to Prevent Financial Ruin from Long-Term Health Care Costs
- You can qualify for Medicaid (even if you don’t think so)
- The “Wait and See” Approach can Result in Ruinous Health Care Expenses.
- Plan for Home Care and Nursing Home Facility Care while You Still Can.
- What’s the difference between Medicare and Medicaid?
- It’s NOT too Late for Effective Medicaid Planning (even if you think it is)
- Why Hire an Elder Law Attorney?
- Don’t Prepare Your Own Medicaid Application
- Trusts Can Protect Your Home and Your Money!
- Special Trusts for Specific Purposes
- Protecting Co-op Apartments Require Special Handling
- Evaluate Your 401k or IRA Carefully when Planning for Medicaid
- Why Take the Lump Sum Option on Your Pension or Retirement Account?
- Choose Your Trustee Wisely
- Private Annuities can Help Protect Your Assets
- Caregiver Agreements Help Achieve Medicaid Eligibility
- Keep Your Medicare Insurance
- The Durable Power of Attorney
- Elder Law and Estate Planning
- The Health Care Proxy vs. the Living Will
- How to Choose an Elder Law Firm
- Streamline Your Financial Affairs and Record Keeping
- New York State is More Generous than Other States
- Your Attorney can Help Find the Best Care for You
- Long-Term Care Insurance Won’t Necessarily Solve the Problem
- Compassionate Elder Law Planning Focuses on Your Future Quality-of-Life!