Nursing Home Costs are on the Rise
According to the the recently-released 2014 Genworth cost of care survey, the median cost of private nursing home rooms in the United States has increased to $87,600 a year, a jump of 4.4%. The median cost of semi-private rooms has increased, as well, to $77,380 (an increase of 2.6% from last year). A similar survey by New York Life found the annual cost of a private nursing home room to be $95,706.
Few people have the financial means to pay for such expenses out-of-pocket. Since Medicare does not conver the costs associated with ongoing long term nursing home care, seniors without private long term care insurance who find themselves in need of assistance are left with limited options: (1) exhaust what savings they have, and then seek to qualify for Medicaid once they are indigent; or (2) conduct Medicaid planning, which involves affirmatively and legally sheltering assets proactively, to bring about financial eligibility for benefits at the time of need.
If you or a family member find yourself confronting the ruinous costs of long term care without the ability to pay for it privately, then consider scheduling a consultation to discuss the steps that can be taken (even in the eleventh hour) to qualify for Medicaid.