How Should a Person Plan to Pay for a Nursing Home Stay?

Transcription:
Planning to pay for a nursing home, like all planning, is best if you do it in advance. The cadillac treatment here is to buy long-term healthcare insurance, but very few Americans do it, it’s costly and a lot of folks who could afford it, just aren’t motivated to buy it. The best way to plan for a nursing home stay, if you don’t have long-term healthcare insurance, would be to give away assets more than five years before you need it. Well, folks aren’t really comfortable giving away assets they’ve spent a lifetime earning. So oftentimes what we see is folks delay up until the very last minute, when a nursing home stay is upon them. So, if you can avoid that scenario and plan in advance, great! I love to have those cases, but they’re few and far between. And that’s okay, because even if the parent is in the hospital or the nursing home, there is still lots of things we can do to preserve wealth so they are not all lost to nursing home costs.