Weinstein & Randisi
Toll free:800-768-1780

Resize the Content Text

How people finance a nursing home stay

Many residents of Rochester, New York, both those who are independently wealthy and those who have been working and saving all of their lives, will likely need to stay in a nursing home or other assisted living facility near the end of their lives. However, these facilities can be quite expensive, with total bills for an extended stay running easily in to six figures.

For those who are fortunate enough, usually paying for this bill through accumulated savings is the best option. This may require some careful financial and estate planning on the part of the person or couple who is expecting to stay in nursing home, as it will mean setting aside some of their wealth. On a related point, there are some seniors who may have had financially successful children and other relatives who are willing to pitch in and foot all or part of the bill for long-term care.

Other people may have the option of purchasing private long-term care insurance. This is a substantial monthly investment, since premiums currently can be up to $300 a month for a policy that a person may not have to use for years. However, so long as the insurance company is reliable and the policy, including the fine print, meets the person's needs, this type of insurance can go a long way in paying for a nursing home stay.

However, for many New Yorkers, including those who have worked decent jobs and lived a "middle class" life, Medicaid will be their only viable option when it comes to getting nursing home care. Holding out for Medicare is to no avail since that program does not pay for nursing home care in the long term.

On the other hand, qualifying for Medicaid means a person has to meet certain income and asset requirements, which in turn means they will be expected to sink all of their savings, including whatever they wanted to leave to their friends and relatives when they die, in to nursing home expenses. Sometimes, careful planning with the help of an experienced New York elder law attorney can prevent this result.

No Comments

Leave a comment
Comment Information
  • I wanted to write to say how pleased my wife and I were at your professional handling of our estate planning and preparation of new wills. We were put at ease by your visit to our home for an interview and were pleased that you listened to us and captured the things that we felt were important.

    --Robert and Christine Simonson, Fairport
  • In order to finalize the documents we came to your office and were greeted in a very professional manner and we could not have asked for finer service. We left with copies of everything we needed and feel very confident our needs have been met. Thanks again. We will surely recommend you should the opportunity arise.

    — Christine and Robert Simonson, Fairport
  • I have been working with Weinstein & Randisi for about two years now. Elizabeth Randisi, through a very thorough process, has helped my wife and me determine what is really important in our lives. Thus, we were able to draft a living will that reflected our most important values regarding our estate.

    --David and Ajia Cherry, Fairport
  • I would like to give a testimony for Elizabeth Randisi, an estate attorney with Weinstein & Randisi. Her knowledge of wills and estate planning was clearly demonstrated in her presentation to us. Realizing our need for a will, my husband and I went to see Elizabeth.

    --Kathy and Gary Gray, Webster
  • Filing for Medicaid is never an easy or fun process. However, working with the Weinstein & Randisi firm made the process simple and streamlined. We were able to obtain all files and records regarding Medicaid enrollment within a few days using specially prepared checklists and verbiage recommended by our assigned paralegal.

    --Ajia and David Cherry, Fairport
Awarded Top 50 Estate Planning Blog
Email Us For a Response

How Can We Help You?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Blog Feed


Weinstein & Randisi - estate planning

290 Linden Oaks, Ste. 200
Rochester, NY 14625

Toll Free: 800-768-1780
Phone: 585-310-1578
Rochester Law Office Map


Call us now for a free, 100% confidential consultation: