While end of life decisions may not always be the most pleasant to think about, planning ahead can ease stress later on for your loved ones. This is especially true when it comes to paying for nursing home care in Ohio. If you have not yet determined how you will pay for this situation if it arises, it is important to do so as soon as possible. At Kroener Hale Law Firm, we know that determining funding is a crucial part of planning for your future.
U.S. News states that the costs for nursing home care can be overwhelming. The average private room can go for over $90,000 per year, while a shared room averages over $80,000. Since the majority of seniors take up residence in a facility for more than two years, the final costs can be staggering.
Planning before the need arises can ease financial stress from your loved ones at a time that is sure to be emotionally draining. Medicare can cover a portion of the stay, but will usually only pay for up to 100 days of care. If you can stay at home and use home health care for a time, you can also get some services covered. Unfortunately, there is no way to know if you will be able to remain at home or not as you plan ahead for the future.
Another option for help is Medicaid, but this can sometimes mean losing your home. You can set up an asset protection trust to save your property, but this must be done at least five years before services are needed. There are several other options that may help pay for long-term care. For more information on this topic, please visit our web page.