The Cost of Nursing Homes
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Ingvar Grimsmo
Mar 14, 2013, 11:45:05 AM3/14/13
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Ingvar Grimsmo
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Article Title: The Cost of Nursing Homes
Author: Ingvar Grimsmo
Word Count: 579
Article URL: http://www.isnare.com/?aid=635114&ca=Family+Concerns
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=635114
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Fact: 40% of people turning 65 will need a nursing home. Some full-time, others off and on. Many will need home care and other services as well.
Lawyers and other professionals often pitch creative ways to avoid spending all the person's assets. There is no simple way. The sad cases occur when it's too late. Lawyers see siblings come in after the parent(s) have been placed in a nursing home and their assets are dwindling fast. They advice pre-planning to protect assets from nursing homes. You will find asset protection lawyers in every state. For the most part it's Medicaid that can help if structured right.
"One of the most difficult transitions people face is the change from independent living in their own home to living in a long term care residence or "nursing home".
NJ Medicaid Attorney F. Niemann
The costs (as per 2010) for nursing homes, assisted living facilities and some in-home care services have risen for the fifth consecutive year and might continue to rise unless more long-term care workers can be found, according to a new survey by Genworth Financial.
A private room in any US nursing home now costs over $76,000 a year or $209 daily, a 17 percent increase since 2004. A semiprivate room in a nursing home is now close to $70,000.
Pending on where you live in the US - the cost of assisted living facilities is shooting up even faster, having risen 25 percent since 2004 to a current average of $36,090 a year for a one-bedroom unit. Assisted living costs ranged from a high of $4,921 a month in New Jersey to a low of $1,981 a month in Arkansas.
How can you pay for nursing homes?
Medicare
Under certain limited conditions, Medicare will pay some nursing home costs for Medicare beneficiaries who require skilled nursing or rehabilitation services.
Medicaid
Medicaid is a State and Federal program that will pay most nursing home costs for people with limited income and assets.
Medicaid attorney K. Gabriel Heiser states:
"Most people know that in order to qualify for Medicaid coverage of a long-term stay in a nursing home, the nursing home resident cannot own more than $2,000 in cash or other "countable" assets. But if you're married, and one spouse is going into a nursing home and the other is remaining "in the community" (i.e., continuing to reside at home), how much can the so-called "Community Spouse" retain? That amount is determined by a combination of both federal and state Medicaid laws. (Note that for these purposes it doesn't matter whether assets are titled in the sole name of the nursing home spouse, the Community Spouse, or jointly in both names.)"
Managed Care Plans
A managed care plan will not help pay for care unless the nursing home has a contract with the plan.
Personal Resources
About half of all nursing home residents pay nursing home costs out of their own savings.
Medicare Supplemental Insurance - or Long Term Care Insurance
This is private insurance.
Medicaid currently pays the bills of over 50% of all nursing home residents.
While that might sound like a good thing, think about the other 50% of nursing home residents whose bills are not paid by Medicaid.
We advice seeking the counsel of a qualified Medicaid/Nursing Home attorney before you need one.
About The Author: Ingvar is a consultant to attorneys specializing in nursing home asset protection and Medicaid planning. He writes about Medicaid and other senior issues. More info and contact: http://www.payingfornursinghome.com http://www.MedicaidWebsites.com http://www.EligibilityForMedicaid.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=635114
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
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*****************************************************************
Please consider this free-reprint article written by:
Ingvar Grimsmo
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=635114
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=635114
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: The Cost of Nursing Homes
Author: Ingvar Grimsmo
Word Count: 579
Article URL: http://www.isnare.com/?aid=635114&ca=Family+Concerns
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=635114
Easy Publish Tool: http://www.isnare.com/html.php?aid=635114
*********************** ARTICLE START ***********************
Fact: 40% of people turning 65 will need a nursing home. Some full-time, others off and on. Many will need home care and other services as well.
Lawyers and other professionals often pitch creative ways to avoid spending all the person's assets. There is no simple way. The sad cases occur when it's too late. Lawyers see siblings come in after the parent(s) have been placed in a nursing home and their assets are dwindling fast. They advice pre-planning to protect assets from nursing homes. You will find asset protection lawyers in every state. For the most part it's Medicaid that can help if structured right.
"One of the most difficult transitions people face is the change from independent living in their own home to living in a long term care residence or "nursing home".
NJ Medicaid Attorney F. Niemann
The costs (as per 2010) for nursing homes, assisted living facilities and some in-home care services have risen for the fifth consecutive year and might continue to rise unless more long-term care workers can be found, according to a new survey by Genworth Financial.
A private room in any US nursing home now costs over $76,000 a year or $209 daily, a 17 percent increase since 2004. A semiprivate room in a nursing home is now close to $70,000.
Pending on where you live in the US - the cost of assisted living facilities is shooting up even faster, having risen 25 percent since 2004 to a current average of $36,090 a year for a one-bedroom unit. Assisted living costs ranged from a high of $4,921 a month in New Jersey to a low of $1,981 a month in Arkansas.
How can you pay for nursing homes?
Medicare
Under certain limited conditions, Medicare will pay some nursing home costs for Medicare beneficiaries who require skilled nursing or rehabilitation services.
Medicaid
Medicaid is a State and Federal program that will pay most nursing home costs for people with limited income and assets.
Medicaid attorney K. Gabriel Heiser states:
"Most people know that in order to qualify for Medicaid coverage of a long-term stay in a nursing home, the nursing home resident cannot own more than $2,000 in cash or other "countable" assets. But if you're married, and one spouse is going into a nursing home and the other is remaining "in the community" (i.e., continuing to reside at home), how much can the so-called "Community Spouse" retain? That amount is determined by a combination of both federal and state Medicaid laws. (Note that for these purposes it doesn't matter whether assets are titled in the sole name of the nursing home spouse, the Community Spouse, or jointly in both names.)"
Managed Care Plans
A managed care plan will not help pay for care unless the nursing home has a contract with the plan.
Personal Resources
About half of all nursing home residents pay nursing home costs out of their own savings.
Medicare Supplemental Insurance - or Long Term Care Insurance
This is private insurance.
Medicaid currently pays the bills of over 50% of all nursing home residents.
While that might sound like a good thing, think about the other 50% of nursing home residents whose bills are not paid by Medicaid.
We advice seeking the counsel of a qualified Medicaid/Nursing Home attorney before you need one.
About The Author: Ingvar is a consultant to attorneys specializing in nursing home asset protection and Medicaid planning. He writes about Medicaid and other senior issues. More info and contact: http://www.payingfornursinghome.com http://www.MedicaidWebsites.com http://www.EligibilityForMedicaid.com
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=635114
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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