The process of Nursing Home Planning is the formulation of a plan that
provides for a loved one’s nursing home care while preserving their assets for
either their spouse’s use or their beneficiaries' inheritance.
In general, there are three methods of payment for nursing home care.
These are:
- Private Pay - uses the individual's own assets to pay for all
costs associated with nursing home care.
- Long-Term Care Insurance - uses the assets provided by a long
term care insurance policy issued by an insurance company.
- Medicaid - is a Federal Government program administered by each
state for individuals and couples that meet the federal and state guidelines
for income and assets.
Proper nursing home planning will consider each of these methods of payment
for nursing home care.
It is never too late for nursing home custodial care planning. Whether a
loved one is already in a nursing home, or nursing home care is imminent, action
can be taken to either eliminate or greatly reduce the costs of the nursing home
care. Assets can be preserved at any time.
|
