How to Protect Your Lifelong Savings (and Your Children’s)
From the Costs of Long Term Care Should You Become Disabled
You’ve worked your entire life making the responsible decision to save for you and your family’s future. When the time you have been saving for has finally arrived your long term plan should ensure those life long savings are protected from unexpected long term care costs.
The average cost of a stay in a nursing home has reached $10,000 or more per month, in less than three years, many couples can spend the amount it took a lifetime to accumulate on nursing home care. Some state governments are spending one out of every four dollars on these costs. Certainly, most government agencies will be considering ways to reduce that cost, including (but not limited to) making it more difficult to be eligible to obtain such public benefits.
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This book is focused on planning for or dealing with the process of becoming disabled, which most people will experience for at least a short period of time in their lives. This book is intended to provide the reader with information about current available options to pay for nursing home care, both before the need arises and during that time when immediate nursing home care becomes necessary.
Statistics Show 70% Of People Become Disabled For At Least 5 Years.
Keith Eliou Can Help You Protect Your Savings
Some statistics show that 70% of our population can expect to become disabled for a period of five years or more. With the growing cost of Medicaid draining federal and state funds, the author expects the future to include more difficulties regarding the qualifying process for Medicaid in paying for all of the costs of nursing home care. The reader should give great consideration in using this information, with a qualified professional, to pre-plan for the potential costs of at least five or more years in advance of the need.
The Medicaid rules and strategies will vary depending upon your status: marital, health, and financial. Variations will be based on whether you are an individual or a married couple, whether you are in good health or need assistance with two or more of the “activities of daily living” or ADLs (eating, bathing, dressing, toileting, continence, transferring from bed to chair), and which type and amount of assets you possess. Also, many states, including Pennsylvania, have “filial support” laws. Nursing homes rely on these laws to require children to pay the bill for their parents’ care. To complicate strategies further, the Estate Recovery law enables the state to seek reimbursement once a person dies after receiving state-supported care.