There is definitely a whole lot of moving going on in the Medicaid background. First, it restructured nursing home eligibility and now the latest is that nonprofit groups handling Medicaid’s New York long term care beneficiaries who are receiving in home care are bound for managed-care plans.

Spearheaded by Gov. Andrew Cuomo, this new plan will require the state to pay monthly premiums for the long term care (LTC) services it will provide Medicaid’s in-home care patients.

Of course, there’s a big question mark in that area. Now what would you do if you were placed in the position of these elderly folks who are currently receiving home care courtesy of Medicaid? You would probably feel like a volleyball who has no choice but to bounce from one court to another because if you try to get out of the game, it’s going to be your end.

That’s the problem with depending too much on federal health programs. Although their objectives are good in the beginning, failure to anticipate the high expenditures on long term care and the growing population in need of such service has inevitably forced them to restructure the entire system.

Don’t get yourself entangled in this kind of situation. Although New York long term care costs are unbearable you are capable of preparing for it. As long as you’re still working and in good health there is no reason to feel threatened by the cost of care.

Let’s say you’re 40 years old right now and it won’t be another 40 years before you will require care. That’s a long way so if you start planning today you will definitely be prepared by the time an event qualifies you for LTC.

You have an array of choices that are spread out before you. All you have to do is weigh all of these very well before you can figure out which will work for your future healthcare requirements. Is your IRA sufficient for the price of LTC service which you plan to acquire? What about your retirement money, is it solely for LTC expenses or is a portion of it going to your personal needs and your family?

Annuities and reverse mortgages are other choices. But if you’re looking for a really good plan, the kind that will take you a long way and protect you from inflation then that would have to be a long term care insurance (LTCI) policy.

New York happens to be one of the pilot states of the partnership program, a collaborative project between the state’s private insurance companies and the Medicaid program. With an LTCI policy that complies with the requirements of the partnership program you can apply for Medicaid assistance later in your life without spending down your assets.

Only individuals with a policy that qualifies under the New York long term care insurance partnership program can receive total asset protection. Owners of other types of LTCI policies should still comply with Medicaid’s asset limit requirement should they need additional care after having exhausted their insurance benefits.