Disclaimer: Since Medicaid rules and insurance regulations are updated regularly, past blog posts may not present the most accurate or relevant data. Please contact our office for up-to-date information, strategies, and guidance.
On average, men will need assistance for 2.2 years and women will need it for 3.7 years. With the median cost of a private room in a nursing home coming in at over $100,000 a year, many senior residents can spend their entire life savings in a matter of a year or two. If these seniors start planning earlier, they will have more choices and control over how and where they want to receive their care.
Options to help seniors start planning early are long-term care insurance, hybrid long-term care insurance, home equity, contingency reserve and spending down to Medicaid. Depending on the health, age, and finances, the plan for each individual will be different and may require different kinds of insurance or strategies.
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