Did you know that about 7 out of 10 adults over age sixty-five will need long term care at some point in their lives? According to the US Department of Health and Human Services, the average national cost of a private room in a nursing home is $6,965 per month. That’s $83,580 per year.
The numbers are staggering. So how could anybody pay for that? Long Term Care Insurance is one option, but the truth is that most people don’t have it. It’s a sad fact that many people end up spending down their life savings and selling their property to pay for nursing home care, finally qualifying for Medicaid assistance after they lose everything.
But it doesn’t have to be this way. With the proper Medicaid planning, your elder law attorney will be able to help you protect your home and life savings before you ever need nursing home care. And if you’re already faced with nursing home costs, it's never too late. Your attorney may be able to help you save much of what’s yours while still getting you qualified to receive Medicaid assistance.
To learn more about how we can help protect what's yours, please visit our Medicaid Planning page or contact us to schedule a free consultation.