What's new

When someone goes into a nursing home

they call it title 19 in CT, here in NM I don't think so. How far back do they want tax records and what other records (bank records?). Going back how many years?
 
Being on Medicaid limits your options for selecting a nursing home as some nursing homes do not accept Medicaid patients. You might end up in a home far away from loved ones. I know that for some people that cannot be avoided; for them Medicaid is a good thing.

If you do not have the savings to pay for long term care, you might want to look into long-term care insurance. It is a way of forcing you to save for care you may well one day need. The best option is to save up for nursing home care as your heirs will get the money if you die before you go into a nursing home. Some long term care policies will also pay for in-home assistance should you need that.

They say the average stay in a nursing home is three years, but for some, it can be considerably longer. You might be able to pay for the initial years of nursing home care, but then have to go on Medicaid once your funds are depleted.
 
Being on Medicaid limits your options for selecting a nursing home as some nursing homes do not accept Medicaid patients. You might end up in a home far away from loved ones. I know that for some people that cannot be avoided; for them Medicaid is a good thing.

If you do not have the savings to pay for long term care, you might want to look into long-term care insurance. It is a way of forcing you to save for care you may well one day need. The best option is to save up for nursing home care as your heirs will get the money if you die before you go into a nursing home. Some long term care policies will also pay for in-home assistance should you need that.

They say the average stay in a nursing home is three years, but for some, it can be considerably longer. You might be able to pay for the initial years of nursing home care, but then have to go on Medicaid once your funds are depleted.
I need to talk to an eldercare lawyer when the times comes.
 
I need to talk to an eldercare lawyer when the times comes.

You might want to do that sooner rather than later. You need to be saving up for nursing home care just as you save up for retirement or sending your kids to college.

However, from what I have read, the financial experts say that you should always take care of your own financial needs before considering the needs of your adult children. While you do have a financial responsibility to them while they are minors, once they become adults, you should only help them financially if your own finances are in order. Do not sacrifice your own financial future to insure theirs.
 
Top Bottom