The greatest fears of seniors are one, running out of money, and two, ending up in a nursing home. Consequently, they lose their personal independence. Also, the loss of their hard earned savings. The average cost of nursing home care in Maryland is approximately $100,000 to $150,000 per year, dependent on your location, within the state.
Unfortunately, most seniors pay for nursing home care utilizing their savings until it’s depleted. Subsequently, they qualify for Medicaid. Therefore, Medicaid will pay the cost of the nursing home, less all the senior’s income.
With asset planning, whether in advance or in response to an unanticipated crisis, we can help protect your assets, whether for your spouse or for your children.
This can be done by purchasing long-term care insurance or by making sure you plan appropriately. Therefore, you receive the Medicaid benefits you are entitled to. Additionally, most Veterans are unaware of benefits from the Veterans Administration. Therefore, if you receive these VA benefits, you may not exhaust your savings.