Protect Your Home and Finances from Costly Nursing Home Fees

 

Let’s face it. Nursing care facilities are expensive, but sometimes they are necessary. If you family member needs round the clock care, for example, a visiting nurse or home care specialist might be insufficient. So, in some cases, it makes sense to seek a facility that can offer your loved one the best, quality care available. However, this also presents another problem cost.

The cost of in-patient nursing home continues to rise. Currently, Long-Term Care.Gov reports show you can expect to pay $225 to $253 per day for a nursing home depending on whether your loved one resides in a semi-private or private room. And these estimates are the average. The price you pay in your area might be even more than this. Often, these costs exceed your loved one’s monthly income. That means you must get creative in finding new ways to cover expenses, which might include selling your loved one’s home and other assets and perhaps even some of your own, but there is a better way.

Medicare usually doesn’t cover the cost of my parent needs a nursing home, but if you’re loved one is eligible for Medicaid, their care might be covered in all or in part. These are not the only options to consider though and there are ways to protect your assets as well as your loved one’s assets in the event their insurance requires spend down or other stipulations. But you’ll need the help of an attorney who specializes in elder law as well as estate planning to guide you. With careful planning, you’ll ensure your loved one receives the care they need while also protecting their interest as well. It only takes a phone call to learn more. Call us today to get started.