Planning for Nursing Home Expenses
Moving to a nursing home is likely not on your bucket list as you get older. Like most people, you probably picture being healthy and staying in your own home to live out your life or trust that you will be taken into your family’s home to be taken care of.
Unfortunately, that’s not always the case: a huge number of elderly people end up moving into a nursing home as they age and their bodies start to fail. Your needs could become too great for yourself or family members to take care of and the financial challenges involved can seem overwhelming.
Those financial challenges, plus the emotional and psychological strain of leaving your home, as well as the loss of independence and limited personal space, can make this a difficult time. The high cost of care provided by nursing homes can be exorbitant and the lack of sufficient savings or insurance coverage to handle these costs can lead to financial stress.
Many seniors deplete their life savings to pay for nursing home care, which affects their financial security and leaves them with little to pass on to their heirs. The fear of running out of funds can be a constant added source of stress.
Put a plan in place
If you start to plan in advance, there are ways to prepare for the possibility of moving to a nursing home sometime in the future. With the help of an elder law attorney, an accountant, and a financial advisor, you can start early to strategize ways to make your money last longer or find coverage for your expenses as you age. With professional help, a plan should be put in place as soon as possible, even before you need care.
A Certified Elder Law Attorney (CELA) can assist you with trust planning. This can help preserve your assets to provide you with the best possible care, leave your healthy spouse financially independent, and increase the chance that you can leave your family an inheritance.
Seek out all potential benefits
Long-term care insurance often only covers a portion of nursing home expenses and not all seniors have access to such insurance. The burden of covering the remaining costs falls on the resident or their family.
The government program Medicaid provides healthcare coverage to lower-income individuals, including nursing home care. The programs provided by Medicaid and the Veterans Administration (VA) can provide extra income and make care payments.
Qualifying for Medicaid can be a complicated process and many seniors can be ineligible due to income and assets. It can be overwhelming to navigate the Medicaid application process and waiting for approval can be lengthy. An elder law attorney can assist you in finding a program that’s best for you.
Make your wishes known
Let your family know what you want when it comes to planning your future healthcare needs. If you would like assistance with your planning, contact our office for a consultation.