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.