Ham Lake MN Nursing Home Planning
Plan Ahead for Nursing Home Care
The average cost of nursing home care has climbed to around $6,000.00 per month. A lot of people are concerned that paying for this kind of care for an extended period of time will essentially drain their estate. And although this cost can be covered by insurance, the insurance is also quite costly as well.
There are a number of actions that can be taken to preserve estates in Ham Lake against these expenses. Normally these methods entail 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 must take place at least five years before someone enters nursing home care. Now, this kind of planning may sound fairly involved, but it’s a good sort of insurance policy and makes sense as five years of nursing home care can cost $360,000.00 or more.
There is also the opportunity to sustain assets even if no planning has been done 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 at the time a person enters long term care, the person is then eligible for medical assistance after five years’ time. Although, during that first five years of care, the person’s nursing home expenses must be paid for from another source.
Serving Ham Lake, MN for all Nursing Home Planning services.
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