Where would we be without our elders? They have lived through a lot, and they have many stories to tell. Throughout the years, they have always been there for us in times of need.
Now that they are older, they need us more than ever. Now is the time to show our gratitude for all the sacrifices they have made for us. With our hectic lifestyles, we cannot always care for them as we would like to. This is why many of us turn to nursing homes for the care that our parents and other elders deserve.
Unfortunately, nursing home care comes at a very high cost in Ohio. On average, nursing homes in Western and Central Ohio cost between $5,000 and $7,500 a month. How do you even begin to finance this?
If someone you know is facing a temporary or a long-term stay in a nursing home, you are probably wondering how you are going to be able to pay for this care. Most people are not able to afford this. And even if you do have enough money to cover this unavoidable expense, you do not want it to drain you or your parents of your entire life savings.
After all, your parents have worked hard to build the life they lead. You want to give them the care they need and deserve while also doing your best to protect the things that have been the most important to them throughout their lives.
Paying for Nursing Home Care
Although it may seem impossible to afford nursing home care in the state of Ohio, do not lose hope. There are many things you can do that can make it more affordable and even enable you to keep your wealth in the family.
George H. Lovett has spoken many times on Medicaid planning and nursing home planning. He has also written extensively on these topics, and you can read two of his articles here:
Medicaid and Nursing Homes: An Introduction
Medicaid and Nursing Homes: Planning Techniques
One option many nursing home residents have is the use of Medicaid. Medicaid is federal financial aid that is restricted to those with limited means. However, with careful planning, your loved one can qualify for Medicaid and have that financial buffer there for when Medicare runs out. Qualifying for Medicaid is not easy and takes the experience and expertise of a Medicaid and nursing home planning lawyer.
What is the difference between Medicaid and Medicare? When is it appropriate to make gifts? Do you need a “Medicaid trust”? How can you avoid losing your assets to nursing home care costs? At Lovett & House Co., LPA, we will help you answer the questions that are troubling you.
Preparing for Death
As your parent or other loved one is entering into a nursing home, there are many other things that need to be considered in addition to financing this care. If they have not created an estate plan, now is the time.
As their health continues to deteriorate and they inevitably approach death, estate planning is one of the most critical things your elders can do in preparation for their departure. If you are not quick, your parent or loved one may die or become incapacitated and you will never know their exact wishes.
Have they drafted a will or a trust that will outline exactly what will happen to their assets, their wealth, and their children? Have they created a living will outlining their wishes should they be put on life support? Have they established financial and health care powers of attorney to act on their behalf when necessary? It is important to have these legal instruments in place to make things easier down the road.
As a Board Certified Specialist by the Ohio State Bar Association in estate planning, trusts, and probate law, George H. Lovett has helped thousands of individuals and their families to plan for the future of their estates. He serves the residents of Tipp City and the entire Dayton area in Ohio. He can help you to avoid issues—like higher taxes and lengthy court proceedings—that come from late or poor planning.
The aging process is not an easy one. Let us help you help your loved ones and make it as easy for them as possible. After all, we owe so much to them.
Photo Credit: timefornurses via Compfight cc