Did you know that the average cost of one year in a nursing home is $83,000? That’s nearly $7,000 a month! Paying for a nursing home can be very difficult, especially if your long-term care insurance is cost-prohibitive or if you are uninsurable. However, by working with an attorney experienced in elder law, you can create a financial strategy that will allow you to use, enjoy, and benefit from your assets, and also shelter those assets from nursing home creditors. You and your family will have flexibility as you decide your future, instead of being controlled and confined by the restrictions placed on you by the government or the nursing home itself. So if you or a loved one are concerned about the cost of nursing home care, whether you are already living in a nursing home or just planning for the future, read on to learn about our recommended strategy.
Paying for a Nursing Home
Before we get started, let me run a few more facts by you. Did you know that by the year 2030, the annual cost of nursing home care is projected to rise to over $153,000? That’s nearly double what it was in 2012! Even more alarming is the fact that nearly 70% of people currently 65 years or older will need a period of extended long-term care in the future. How many of those people have prepared for the costs of a nursing home? How many will struggle to make ends meet? The average length of stay in a nursing home is three years, which means that in today’s market, you would need to pay about $240,000 total for nursing care (in 2030, that number rises to $450,000!). Alarmed yet? Luckily, paying for a nursing home is far easier than you might think if you do two important things: (1) plan ahead and (2) find a trusted attorney experienced in elder law. If you’re proactive, you can create a plan that will protect as many of your assets as possible. And even if you’re already in a nursing home, you will benefit from a consultation with an elder law attorney. Your attorney can help you do all of the following:
- Protect your wealth from nursing homes
- Qualify you for government programs that can fund your long-term care expenses
- Implement planning tools that can be used to safeguard your assets
- Seek out wealth protection options if you are a current nursing home resident
- Create a thoughtful estate plan that will benefit you, your family, and your loved ones
By consulting with an elder law attorney, you can feel confident that you are creating the most comprehensive and cost-effective plan to pay for nursing home care. However, this plan will only work if you act sooner rather than later. After the plan is implemented, you will still have to wait five years before you can be certain that your assets are safe. Time is of the essence!
If you live in Springfield, Missouri, and you are concerned about paying for a nursing home, please contact Parks & Jones, Attorneys at Law, for a free consultation. For over 20 years, we have helped families effectively use and protect their assets when long-term care is needed. We look forward to hearing from you.