Paying for a nursing home can be extremely expensive, with nursing home care often costing more than $7,500 a month. Understandably, many people are concerned with paying the costs of a nursing home stay. Few people have enough in savings to cover the cost. And if they do, paying for nursing home care may erase a lifetime of savings, leaving nothing for family members.
However, with proper and careful planning, people can receive assistance from Medicaid to pay for a nursing home stay while still retaining much of their assets for themselves and their families.
George Lovett has spoken and written extensively on planning for and paying for nursing home care. Mr. Lovett’s article, found below, provides guidance for a wide range of concerns that families have regarding the cost of nursing home care. Please click the link below to learn the basics of Medicaid and nursing home planning techniques, including appropriate legal instruments, considerations for those who are single or married, and gifting considerations.