subject: Managing New York Long Term Care [print this page] One cannot afford to live in New York if he does not have a decent job which lets him take home a monthly paycheck that is more than $5,000 every month. This is not excessive as the cost of living here is equivalent to the price tag of New York long term care.
New York is, indeed, an expensive state to grow old and receive care that is why if you are not a resident of this state youre better off where you are presently residing. If you are planning to move to another state upon retirement, check out other options because if youre going to live in New York and pay your future expenses on health care out-of-pocket your finances are bound to be doomed.
Majority of the residents in New York who are currently receiving long term care (LTC) services are on Medicaid as most New Yorkers have been poor since birth. Meanwhile, those New Yorkers who take pride in what they have accomplished during their heyday have opted to pay their LTC with their personal resources.
While keeping your dignity and independence is good, it is unreasonable and inconsiderate of you to achieve this at the expense of your family. If youre thinking that your retirement money is sufficient for New Yorks cost of care it just shows that you have not been keeping abreast of the states LTC issues.
New York happens to be among the top five most expensive states for LTC. Aside from the fact that the rates of nursing homes here come in six figures, the LTC expenditures of New Yorks Medicaid program has reached a phenomenal high in 2010 as majority of New Yorkers were uninsured at the time.
For the state to recover from its massive spending on LTC, the government has made efforts to cut back Medicaid eligibility even though not many people are happy with this strategy. This is the only way that New York can get out of the financial hole.
New York Long Term Care Services
New York offers a wide array of LTC services that allow people to live as normally as can be despite their present health condition.
These services cover all types of in-home and hospice care, community-based care, and institutional care. Each LTC setting bears unique features and thus the difference in the rates.
For instance, in-home care focuses on custodial care which provides elderly and disabled people assistance in their activities of daily living (ADL) such as bathing, dressing, eating, transferring, toileting, and continence. Since this LTC setting is non-medical it does not require a skilled nurse to perform the job and thus its rate is lower than a nursing home.
New Yorks annual rate for home health aide services according to Genworth Financials 2011 Cost of Care Survey is $48,048 or $25 per hour. Meanwhile, the annual rate of nursing homes in the state is $119,355.
New York long term care is very expensive so if youre serious about retiring here you have to plan your future responsibly.
