How Do I Avoid Losing Everything I Own To The Nursing Home?
- January 5, 2019
- Posted by: email@example.com
- Category: Medicaid Planning
“How do I avoid losing everything I own to the nursing home?” is a question we’re asked frequently by clients as they start looking into long term care. While everyone’s situation is different, an experienced consultant or attorney can help guide you through the process.
In today’s society, we are living longer than ever before. As we live longer, we are finding ourselves confronted with new issues. Long term care planning, healthcare, disability, retirement, taxes and financial planning are all areas that we need to address when we get older. The biggest issue many will face is the cost of long term care.
The costs of nursing homes in Indiana range from $75,000 to $95,000 per person per year. Based on certain needs and what community you want to live in, those costs can be even greater. Some clients can pay for these expenses, but the majority can not.
Our job is to educate and present planning options that are tailored to a clients unique problems. Planning can involve qualifying a client for VA benefits in order to help pay for some of the costs of care or helping clients arrange their affairs so that Medicaid may help pay for a nursing home stay. This involves working with the laws to set aside assets to help pay for nursing home care and to help pay for other things not covered by Medicaid; while at the same time protecting as much as possible for the client’s family.
Many people don’t want to think about these issues until it’s too late and they’re faced with a long term care crisis. Planning for these events in advance before they happen will give better results than planning after a crisis has presented itself and also be a lot less stressful. But if you are facing a crisis, don’t hesitate to contact a qualified consultant or attorney as soon as possible.