Concerns about the cost of nursing homes are common questions brought up by many elder law clients in their first meeting with an attorney. It can be very difficult to make the decision to move a loved one or yourself to a long term care facility but you can’t do this without considering the possible financial consequences.
Misunderstandings or mistakes made around this financial process can expose you and your loved ones to unnecessary risks. Nursing home bills can cost anywhere from $8,000 to over $13,000 per month. Many people also end up staying in the nursing home for longer than they expect and for someone with a more progressive disease like dementia, it could be the rest of their life.
There are three primary ways to pay for long term care and the more you know about each of the options, the easier it will be for you to plan. You can pay out of pocket using your own savings, with long term care insurance or with Medicaid. Medicaid pre-planning is a legitimate and legal tactic that you can use with the help of an experienced elder law attorney. In New Hampshire, Medicaid can pay for long term care in a nursing home for as long as necessary once you have qualified but it is the qualification process that is often misunderstood. Pre-planning and crisis planning are two different components of the Medicaid process.
Crisis planning refers to reaching out to an estate planning lawyer when you or a love one needs to go into a nursing home quickly. Pre-planning, however, looks at years long strategies that you can use to effectively plan in advance for the possibility of needing Medicaid. When done properly, pre-planning can give you confidence and peace of mind.