Nursing Home Costs

You may have promised to keep your mother or father in their home, or in your home, when they get older, and never put them in a nursing home. 


No one wants to go to a nursing home. 

No one wants to put a loved one in a nursing home.   

However, there may come a time when your mother or father requires skilled medical and nursing care that you cannot provide.   You are faced with some very difficult choices.   


  • Do you keep Mom at home, knowing that she is not receiving the care she needs, or;  
  • Do you hire the needed caregivers to come to her home, or;   
  • Do you put Mom in a nursing home where you know she will get the skilled care she needs?   


Further, how is Mom, or the family, going to pay for the care she needs?   The cost of nursing home care can be handled several ways.     

Investments

The best way is to accumulate enough money over the years to pay for the care out of Mom’s money, and never have to worry about the cost. 


Very few families have the luxury of having plenty of money for whatever Mom might need by way of nursing care, either at home or in a nursing home.

Insurance

Some families purchase Long Term Care (nursing home) Insurance. Insurance is an excellent way to pay some or all of the cost of nursing home care.  

Medicaid

If your income and your savings meet certain guidelines, then the government, through the Medicaid program, will pay for your nursing home care. Many complicated rules and regulations govern the Medicaid program.  

Veteran's Benefits

 Veterans who served during wartime and were honorably discharged and their widows are entitled to certain benefits, if they qualify. Even if the veteran was not injured in the service, even if the veteran did not participate in any combat activities, certain benefits may be available.  


Sorting out whether or not a veteran or a veteran’s widow qualifies, and what the benefits might be, requires a detailed study of the claimant’s assets, income and expenses.  

What Do you Know?

Who do you know who needs to learn more about effective planning? 


Who do you know who needs to learn more about protecting and providing for a special needs loved one?