The average cost of a nursing home stay in the Central New York region is over $100,000 per year. Many people want to make sure their home is protected if they ever need to be placed in a nursing home.
The home is protected if there is a surviving spouse or a disabled child living there, but with limited exceptions, if, for example, one spouse dies and the surviving spouse has to enter a nursing home, the house must be sold to pay for the nursing home before the individual can avail him or herself of Medicaid. Continue reading “Protecting your Home from the Catastrophic Cost of Long Term Care”
Part two of this article discusses the last five of 10 common misconceptions relating to planning for the payment of long term care.
Misconception #6. The best way to protect my home in the event of a long term stay in a nursing home is to transfer the house to my children, and retain life use.
A common, simple practice is for individuals to transfer their home to their children and retain life use under the mistaken belief that once this is done the home will be protected for that individual’s children should that individual require long term care.
Continue reading “Top Ten Misconceptions Regarding Planning for the Payment of Long Term Care-Part 2”
The following are the first five of 10 common misconceptions relating to planning for the payment of long term care.
Misconception #1: Medicare or other health insurance will cover the cost of long term care, either at home or in a nursing home.
Traditional health insurance does not cover the cost of care in a skilled nursing facility.
Continue reading “Top Ten Misconceptions Regarding Planning for the Payment of Long Term Care-Part 1”