The median cost of a private nursing home room in the United States has increased to $97,455 a year, up 5.5% from 2016, according to Genworth's 2017 Cost of Care survey, which the insurer conducts annually. Genworth reports that the median cost of a semi-private room in a nursing home is $85,775, up 4.44% from 2016. The rise in prices is much larger than the 1.24% and 2.27% gains in 2016.
Many seniors and their families don't use a lawyer to plan for long-term care or Medicaid, often because they're afraid of the cost. But an attorney can help you save money in the long run as well as make sure you are getting the best care for your loved one.
No one wants to think about his or her death, but a little preparation in the form of a prepaid funeral contract can be useful. In addition to helping your family after your death, a prepaid funeral contract can be a good way to spend down assets in order to qualify for Medicaid.
Immediate annuities can be a useful tool to protect the spouse of a nursing home resident who applies for Medicaid. These types of annuities allow the nursing home resident to spend down assets and give the spouse a guaranteed income.
In order to be eligible for Medicaid benefits, a nursing home resident may have no more than $2,000 in "countable" assets.
Giving your house to your children can have tax consequences, but there are ways to accomplish it tax-free. The best method to use will depend on your individual circumstances and needs. It's also important to use a strategy that will put you in the best position for future Medicaid long term care benefit eligibility should the need arise.