A lot of people who are in the nursing home directly pay from their pocket using their entire life savings. And when they have nothing more to offer, it force the nursing home to go after taking their property. In other to continue funding their stay in the nursing facility. There are lot of Medicare program funded by the federal government, but not everyone do qualify for it.
Nursing homes cost a lot, mostly for people who require long term Medicare. Most of the people, easy run out of money when they require a lot of care. And this led to them losing their assets, after not be able to continue paying. (What is a Nursing Home)
How to Keep Nursing Home from Taking Property
Well, in other to keep a nursing home from taking your property, there are some specific things you need to do.
Purchase Long-term care insurance
A long-term care insurance policy helps cover the cost of that care (nursing home, adult day cares, or assisted living) for people who have a chronic illness, disability, or condition like Alzheimer’s disease.
Unlike living trusts, irrevocable trusts are exempt from nursing home fees. You cannot receive capital from an irrevocable trust, but the interest and periodic dividends you receive from the trust are not forfeited.
Sell or Transfer Assets to Children or Family Members
Any of your property can’t be taking from you by a nursing home if you already sold or given out your assets to someone. A lot of people thing about if it possible for them to offload all their assets before they go to a nursing home. In other for the state not to have anything to file claim against.
Continue Living in your Home; than going to a Nursing Home
If you don’t want your assets to be taking by a Nursing home, it best you don’t go to any facility. You can stay at home for a family member or your children should take care of you. Family is the best options for taking good care of Elderly people, they show them love, care for them more.
If any of your children, your daughter or son took care of you before you entered a nursing home. Either of them can prevent or avoid a claim on your house or properties if they have to permanent residence of their own.
You shouldn’t just start give assets away to anyone, all because you want to enter a nursing home. It best you think wisely before taking action.