When nursing home care becomes a must, your life savings may be at risk. At an average cost of over $8,000 per month, it does not take long to go through significant sums of money. Fortunately, there are legal ways to protect your assets and qualify for Medicaid assistance with nursing home expenses. At a minimum, you can protect your home and 50% of your other assets. In many scenarios, you can protect much more.
Sometimes it is possible to avoid nursing home care by using the less intensive services available through assisted living facilities or in-home care agencies. These services can also become very expensive. Planning is available to qualify for Medicaid or Veteran's benefits programs that can help with assisted living and in-home care expenses.
Do not hestitate to learn your options. A consultation with a certified elder law attorney will more than pay for itself in the assets you save.