Why is it Important to Plan for a Nursing Home?

Transcription:
Planning for a nursing home stay is like planning for anything else in life, the sooner you do it and the better job you do, the more realistic it is for you to have the outcome you want. When a person is facing a nursing home stay their primary concern is to make sure their spouse and children are going to be taken care of. The way we do that is we make sure that as soon as the person is ready, we need to act upon it quickly. A lot of people fail to plan for this and the sooner we plan, the more money we can save. For example when you apply for Medicaid, they will ask about all transfers that you’ve made in the last 5 years. If we give money away and more than 5 years pass, then we save all of those assets and those gifts don’t cause a problem. Generally speaking, the sooner I apply for Medicaid, the sooner I can get a person on Medicaid. With the average nursing home costing $7500 a month, it is crucial to plan as rapidly as we can and as far in advance as we can.