Avoiding Nursing Home Costs

You may be shocked to discover that the cost of nursing homes in Dayton, Ohio, can be $5,000 or more a month. With these kinds of price tags, you could lose your hard-earned savings and assets before you know it. Paying for long-term (or even short-term) care for yourself or your loved one is not cheap—period. But more and more people in the Midwest are turning to outside care for their aging family members and friends.

For many of you, your parents are getting older and showing signs more and more that they are unable to live on their own. They need someone to make meals for them, help them to exercise, even bathe them. Some have more serious physical and/or mental disorders that require even more; they need someone who will be just steps away at all times. Most adult kids don’t have the time to be that person for their parents, even with the best of intentions. You cannot take care of your parents forever; you are starting to realize this sad truth. You are not alone; many of our clients are in the same exact shoes as you.

Nursing home care is a great solution for many people in your situation. Unfortunately, paying for nursing home care is a huge concern for many families. It is incredibly expensive, and figuring out how you are going to finance it is not very easy. This is where we come in.

At Lovett & House Co., LPA, we have helped many elderly Ohio residents and their families to plan for nursing home care, whether long-term or short-term. We apply our experience and extensive knowledge to make sure that your assets and estate are preserved as much as possible. Aging is a natural process and one that should not drain you of everything you have worked for. We have offices in Tipp City, Dayton, and Springfield, Ohio. Contact us at one of our offices to see how we can help you. In the meantime, read on for some general information about how to avoid nursing home costs

Start Planning Now for Future Nursing Home Care

The average annual cost of staying in a nursing home is $100,000. With an average stay of two and a half years, you can see how the money goes fast and just how critical it is to have a plan in place.

While you may think that Medicare or Medicare Supplemental Insurance will save the day, these do not normally cover the cost of long-term nursing home care. Their benefit, if any, is only for a short amount of time.

Contrary to what you might think, Medicaid is actually your better bet for nursing home expense coverage. However, these benefits, although available to assist with nursing home costs, have strict eligibility requirements and asset limits. In fact, the law has made it very difficult for seniors to qualify for Medicaid. It is never too late to plan for nursing home care. Often this planning begins when a concerned son or daughter calls after the hospital informs them that Mom or Dad cannot go home. Even in these instances, steps can be taken to preserve as many assets as possible; however the sooner one plans, the more assets they can likely preserve.