Paying for nursing home costs can be tremendously overwhelming, especially if plans were not set forth before the need of the nursing home care occurs. Most people over the age of 65 will require some type of long-term care service, while over 40 percent of people will require a period of care in a nursing home. That is a large percentage of people — and this percentage could potentially include you or your loved ones. You never know when the moment may arise that nursing home care may be needed, so it’s best to start planning now, so that you can have control over the financial aspect of long term care in the future.
When you are proactive with your nursing home care plans, you are reducing the strain, both emotional and financial, for yourself and your loved ones. This strain can result in a catastrophic financial crisis — either for you personally, or for your family.
Nursing home care costs vary from person to person based on a variety of factors, including but not limited to location, amenities, and level and number of certified on-site medical staff members. In the state of Georgia, nursing home daily rates can be incredibly expensive. For example, the median daily rate for a semi-private room in Atlanta is $197, which can turn into a significant monthly expense if long-term care is required.
To put the magnitude of this financial burden into perspective, these costs can potentially amount to an annual rate of $80,665 for a private room and $72,051 for a semi-private room. Without proper financial planning and preparation, these expenses can become unbearable for you and the ones closest to you.
We are here to answer your questions about Medicare coverage and your eligibility for Medicaid. The Medicare program provides coverage for rehabilitation, but not long-term care. Medicaid may cover nursing home care, but it takes careful financial planning to qualify while also preserving assets for yourself and your heirs.
If you are unsure about what areas to save up for, how much you should save, and all the potential programs that provide financing alternatives for nursing home care (i.e., with the help of Medicaid), let the attorneys at Asset Protection & Elder Law of Georgia help you. Our team of experts can help you with the planning process, so that you can have peace-of-mind when the time for nursing home care approaches.
If you’re planning for your nursing home care, contact the attorneys at Asset Protection & Elder Law of Georgia. We’ll help you every step of the way, so that you can get the most out of your savings and meet your nursing home needs. Contact us by giving us a call or sending us an email, or by stopping by our office at 775 West Avenue, Suite E, Cartersville, GA 30120. We look forward to helping you with your nursing home care plans!