Fridley MN Nursing Home Planning
Plan Ahead for Nursing Home Care
The average cost of nursing home care has crept up to about $6,000.00 per month. There are many people who are concerned that paying for this type of care for an extended period of time will basically drain their estate. Now, while this cost can be covered through insurance, the insurance is also quite expensive.
There are a number of plans that can be put into motion in order to protect estates in Fridley against these expenses. Typically, these methods involve transferring assets to another ownership, either into a trust created for that reason, or to other individuals. Also, state laws require that an asset transfer must take place a minimum of five years before someone enters nursing home care. And while this kind of planning may sound fairly involved, it makes sense, as five years of nursing home care can cost upwards of $360,000.00. This make the transfer a kind of insurance policy.
There is also the chance to maintain assets even if little to no planning has been done before a person enters a nursing home. Rather than allow with the total depletion of a person’s assets, if a transfer is made when an individual enters long term care, the person will be eligible in five years’ time for medical assistance. However, during the initial five years of care, the nursing home expenses for the person must be paid for from other assets.
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