| Overview America is aging, and medical technology is improving at a rapid pace. Unfortunately, the two combined do not equate to a long quality of life. In many areas of the country, nursing homes have substantial waiting lists, and the backlog is growing. This upward pressure on nursing home beds is driving the average monthly cost of a nursing home through the roof. In the Central Florida area, where our firm is located, the average monthly cost of an acceptable nursing home facility is $5,500.00 to $6,000.00 and rising. In some areas of the country, especially the populated N.E., the average monthly cost of a nursing home may exceed $10,000.00. One must be very wealthy to handle this type of monthly expense without substantial asset depletion. Most families thrust into the situation of last minute decisions on how to fund nursing home costs are led to believe the only course of action is to pay out of pocket until the patient and spouse are virtually destitute and eligible for the MEDICAID ICP (Institutional Care Program). Nothing could be further from the truth! Let's take a few minutes and get educated. There are essentially four ways to fund the cost of a nursing home stay: |
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