You may know the tremendous cost of nursing homes. Perhaps a friend or co-worker described these costs. Or perhaps an aunt or uncle, parent, or even your spouse required this assistance. In those moments, the first concern was for the welfare of your loved ones. Your second concern was also pressing. You were reasonably worried about how to pay for the nursing home. Your Elder Law Lawyer in Raleigh NC is aware of multiple ways of paying for a nursing home and how to assist you in paying for a nursing home.
For those that are not aware, a nursing home in North Carolina may cost between $60,000 and $100,000 a year. These high costs affect many people across all socioeconomic classes. When faced with these costs, people often grow incredibly concerned with whether they will be able to afford a nursing home. They are also concerned that they will lose the assets they worked their whole lives for.
When the time comes, people often learn there are multiple methods to pay for nursing homes. Medicare will occasionally pay a portion of the bill, but only for a very limited time. In fact, Medicare typically pays only a portion of the bill. After Medicare assistance stops, there are other avenues that people must pursue. A North Carolina Elder Law Lawyer Raleigh NC can assist clients by choosing the means for paying for a Nursing Home.
Alternative methods for paying for a nursing home include the use of Long Term Care Insurance. However, Long Term Care Insurance exists only for people who had previously purchased it. Even if a person possesses Long Term Care Insurance, it is common that it will not pay for much of the nursing home costs.
Elder Law Lawyers Raleigh North Carolina realize two important sources used to pay for the costs of nursing homes. These choices include VA Benefits and Medicaid. VA Benefits are typically limited to veterans of foreign wars and their spouses. With proper planning from Elder Law Lawyers Raleigh North Carolina, Medicaid can apply to many others. Therefore, Medicaid can assist in paying for nursing homes.
People also pay for nursing homes through use of individual assets. In other words, Seniors and their family members attempt to pay the $60,000 to $100,000 a year cost of a nursing homes with their own saved up money and assets. As you can understand, even a well-off person will quickly run out of money if forced to personally pay these costs of a nursing home. Too often, people deplete their savings and liquidate their assets, including selling their house. However, a Klish & Eldreth Elder Law Lawyer in Raleigh North Carolina can assist people in paying for a nursing home.
For more help understanding how to pay for a nursing home, come back to our Elder Law Lawyer in Raleigh North Carolina. In future discussions, we will address the importance of asset protection in nursing home planning.
Also, feel free to call our office to arrange a meeting with an Elder Law Lawyer Raleigh North Carolina. We would love to assist you in your legal issues, including estate planning, business planning, and Medicaid Issues.