Republicans in Congress recently released a plan that they deem to be the answer to the Affordable Care Act, entitled the American Health Care Act. While people can debate about the overall effectiveness of the plan, one thing is clear: the 880 billion dollar cut to Medicaid threatens the livelihood of many of our Seniors.
You hear it all the time from the “Baby Boomers” and “Generation X”: they are tired of entitlement programs and people getting access to free government handouts that they pay for with their tax dollars. Many of these same people see cuts to Medicaid as a solution to their concerns.
What they don’t realize is that with the rising costs of care and the extinction of pensions, it is likely that many of these same people, or their family members, will rely on Medicaid one day to pay for their care. In New Jersey, the average cost of a nursing home is approximately $9,600 a month. The average cost of an Assisted Living Home is approximately $6,000 a month. The average cost of in-home care in NJ is $21 an hour, which amounts to approximately $15,000 a month for 24/7 care. This means that people are paying anywhere from $72,000 to $180,000 a year for health care, and the rates are only rising!
Staggering costs of care like this do not only affect the low-income population, but also the middle class.
It has become increasingly important that we plan for old age as far in advance as possible. At Hynes Law Group, we can assist you to navigate the aging process, and create a plan to address you or a loved ones’ concerns through the aging process. To Schedule a free 15-20 minute consult to determine if Medicaid Planning is appropriate for you or a loved one, please call my office at 908-514-8008.
-Jesse R. Hynes, Esq.