Coon Rapids MN Nursing Home Planning
Plan Ahead for Nursing Home Care
The average price of nursing home care has climbed to about $6,000.00 per month. A lot of people are worried that paying for this kind of care for an extended period of time will effectively drain their estate. Although this cost can be covered by insurance, the insurance is also quite costly.
There are a number of actions that can be taken to preserve estates in Coon Rapids against these expenses. Usually these methods involve transferring assets to different ownership, either into a trust created for that purpose, or to other individuals. Additionally, state laws demand that an asset transfer take place at least five years before someone enters a nursing home. This type of planning may sound somewhat involved, but it makes sense as five years of nursing home care can cost $360,000.00 or more.
There is also the opportunity to preserve assets even if little to no planning has been before a person’s entry into a nursing home. Rather than allow the outright depletion of a person’s assets, if a transfer is made when a person enters long term care, the person is then eligible for medical assistance after five years’ time. However, during that first five years, the person’s nursing home expenses must be paid for from another source.
Serving Coon Rapids, MN for all Nursing Home Planning services.
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