Financial obligations for someone who needs to live in a nursing home or assisted living facility can be immense. Even in-home care can cost hundreds of dollars per day.
The average time of a stay for a person in a nursing home is 835 days. That would translate to a total cost of $250,000, so for many people, it’s necessary to plan for the cost of long-term care.
Typically, planning for long-term care expenses involves planning to become eligible for institutional Medicaid.
If someone needs to live in a nursing home or assisted living facility, the financial obligations for that care can be immense. Depending upon the level of care needed, even in-home care can cost hundreds of dollars per day.
The average duration of stay for people in nursing homes is generally recognized as 835 days. Therefore, for the wealthier people among us who have an extra $250,000 lying around (835 days at $300 per day), it may not be necessary to plan for long-term care expenses. For the rest of us, we can face the eventual need for long-term care and a desire to pass on a financial legacy to our children and grandchildren.
Read more about three tools to use five years before nursing home care in Lee’s article in the Lima News here: Legal-Ease: Three tools to use five years before nursing home
Source: LimaOhio.com, “Legal-Ease: Three tools to use five years before nursing home,” by Lee R. Schroeder, January 5, 2018
Lee R. Schroeder is an Ohio licensed attorney at Schroeder Law LLC in Putnam County. He limits his practice to business, real estate, estate planning and agriculture issues in northwest Ohio. He can be reached at Lee@LeeSchroeder.com or at 419-659-2058. This article is not intended to serve as legal advice, and specific advice should be sought from the licensed attorney of your choice based upon the specific facts and circumstances that you face.