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THIS MONTH’S FEATURED ARTICLE

PAYING FOR NURSING HOME CARE (PART I: MEDICARE)

One of the things that concerns people most about nursing home care is how to pay for that care. There are basically four ways that you can pay the cost of a nursing home:

Long Term Care Insurance— If you are fortunate enough to have this type of coverage, it may go a long way toward paying the cost of the nursing home. Unfortunately, long term care insurance has only started to become popular in the last few years and most people facing a nursing home stay do not have this coverage;
Pay With Your Own Funds— This is the method many people are required to use at first. Quite simply, it means paying for the cost of a nursing home out of your own pocket. Unfortunately, with nursing home bills averaging $3,500 to $4,000 per month, or more, in our area, there are few people who can afford a long term stay in a nursing home;
Medicare— This is the national health insurance program primarily for people 65 years of age and older, certain younger disabled people and people with kidney failure. Medicare provides short term assistance with nursing home costs, but only if you meet the strict qualification rules; and
Medicaid— This is a federal and state funded and state administered medical benefit program which can pay for the cost of the nursing home if certain asset and income tests are met.

Since the first two methods of payment (long term care insurance and paying with your own funds) are self-explanatory, this month’s and next month’s newsletters will concentrate on Medicare and Medicaid.

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AVERAGE COST OF NURSING HOME CARE RISES TO $57,700

The average annual cost of nursing home care is now $57,700, according to a survey sponsored by GE. The average cost of a nursing home in Hawaii is now $88,000 a year.
Alaska has the most expensive nursing home care in the United States, where costs average $166,700. Costs are lowest in Louisiana, at $35,900 annually.

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FREE EDUCATIONAL SEMINARS FOR YOUR CLIENTS

Our law firm regularly conducts a free educational seminar for consumers that educates qualified participants about their rights and steps they can take to protect their hard-earned assets from a long nursing home stay. Don’t let the financial burden of nursing home care endanger the mental and physical health of your clients, patients, or residents. Help them discover the strategies that reduce or eliminate their financial worries. Send them a free invitation to “How To Legally and Effectively Protect Your Assets from a Long Nursing Home Stay."

Click here for a list of our upcoming seminars in your area.
We also conduct free personalized, private seminars for professional's clients, employers or special interest groups.

WHO SAYS THERE'S NO FREE LUNCH?

We feel it is important to regularly meet with our professional counterparts in our community, to listen to their perspectives and concerns about their businesses. Since most of our work intersects and should work together in our client's best interest, we feel there is much to learn and benefit from each other's experiences. Based on that philosophy, we would like to extend a lunch invitation to you. Simply email us your interest in a Lunch & Learn meeting at information@development.aaepa.com and we will gladly schedule a convenient time to meet and discuss our common interests.

We welcome any feedback you may have about our educational alerts. You can email us at information@development.aaepa.com or call us anytime at (800) 555-1212.