Hiring a caretaker in your home for a day may cost about $200 a day. At an assisted living facility, at a very low-level tier of care, the price is somewhere between $5,500 and $6,500 per month. For skilled nursing, it’s $8,500 or more, based on the amount of care you receive.
New Jersey 101.5’s recent article, “Mom or Dad Goes to a Nursing Home: Will You Go Broke?” explains that New Jersey is one of the more expensive areas for long-term care. As a result, when looking at paying for that care and trying to protect assets, it’s important to work with an attorney who specializes in elder law. That person can draft the legal documents and also handle counseling issues on housing, placement and level of care.
Many folks think they’ll have to spend their parents’ entire savings or assets before becoming eligible for some type of government assistance. However, there are four ways to pay for elder care: your own money, long-term care insurance, Medicaid or the VA. You should ask an experienced elder law attorney to try and protect as much of their individual assets as possible. The sooner you begin the planning process, the more options you’ll have as far as the type of care and how long you’re able to pay for it.
An elder law attorney will discuss ways to protect the assets of someone going into long-term care. Strategies usually focus on leveraging the Medicaid and VA regulations.
An elderly person who requires 24/7 care, can exhaust all of his or her financial resources. However, Medicaid can help. This program lets the person stay with their care, when they’ve spent everything down.
In some situations, an elderly parent requires a significant amount of care, and his or her assets must be used to pay for assisted living or a nursing home. That can make things tense. The children may be anticipating inheritances to help with their own retirements, and they could be resentful when that money's being spent on mom’s care.
However, most families are focused on the welfare of the elderly parent or relative. Those who are facing a crisis with an aging parent, should know they can ask for help. Speak with an elder law attorney and explore all of your options.
Reference: New Jersey 101.5 (August 20, 2018) “Mom or Dad Goes to a Nursing Home: Will You Go Broke?”