Few people enjoy considering a nursing home as part
of their living accommodations, temporary or permanent, but life has a way of
happening and when it does, you need to be prepared. The truth is, nursing facilities
can be expensive. Finding the right care facility that matches your needs,
desires, and budget takes time. You must do your research, visit facilities for
a tour, and carefully weigh your top choices. Then, once you do reach a
decision, it’s time to finalize the move and the payment.
If you’ve already gotten this far, you might be
wondering “That’s great, but how do I pay for a nursing home?” It’s true that
the cost can eat up a budget, but there are many ways to get quality nursing
home care at an affordable price. Whether you’re considering a nursing home for
yourself or your loved one, finding an affordable option is essential,
particularly if one spouse remains in the family home while the other enters a
nursing home. If you carry Medicaid for insurance, it will cover nursing home
care, but generally, only once most of your other assets have been depleted.
However, some states have laws in place to protect a spouse at home from
destitution. An attorney specializing in estate planning and elder law can
help.
Alternative financial solutions for covering nursing
home costs might include life insurance, a reverse mortgage, or selling
high-value assets that you no longer need. Government assistance for some
qualifying seniors exists to help cover or offset the cost of nursing home care.
Each situation differs. It’s a lot to take in and not a decision to be made
lightly. To determine which options are right for you, consider seeking the
counsel of a legal professional who specializes in estate planning. Don’t wait.
Visit our website today.
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