Most people do not have put away enough liquid assets to pay for an average stay in a nursing home that can run upwards of 150,000 or more per year.
Long term care insurance if purchased can pay all or most of the bills.
but what if there is a modest amount of cash and no long term care insurance.
Many people will go to an attorney have some planning done to maintain some assets to the family and be eligible for medicaid.
There are many strategies that are employed. We can refer you to a good elder planning lawyer for long term planning or emergencies.
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Visit our long term care planning page at www.planningltc.com