Medicaid Planning Essential for Middle & Higher Classes

Okay, something more relevant also more to the middle class but I think also higher class and you touched on this let's move more into Medicaid planning. >> Sure. >> So, what is the need for Medicaid and why should someone plan? Let's start from the beginning. >> Yeah, sure. [music] So, so the need really is the cost of care is very expensive. The cost of being in a nursing home basically you hit a junction where as people age they might need care whether that be care at home or God forbid they end up in a nursing home. The cost of that care is significant. Home care could be private privately could be anywhere from $10,000 a month, $15,000 a month, $20,000 a month be a quarter million dollars a year caring for somebody at home and again if that's [music] that's one person that might be not be 24/7. 24/7 care could be even significantly more than that and obviously if you if you know two parents or two individuals [music] that need that that care the numbers go up significantly. The cost of a nursing home could be $500, $550 a day at a in [music] a nursing home you could be looking at $300, $350,000 a year to be in a nursing home if you're paying privately. [music] Most people in nursing homes today in New York are the first 100 days are covered by Medicare, okay? And that's what [music] nursing home owners want. They want to make sure that they get Medicare beds and that's where they make, you know, their their money.