Long-Term Care

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Long-Term Care – Don’t Go Broke in a Nursing Home

According to the U.S. Department of Health and Human Services, if you live to the age of 65 or older, there is a 70 percent chance that you will need long-term care, such as skilled nursing or home care. You can expect to pay at least $3,000 per month for care in an assisted living center and more than $6,000 per month for care in a nursing home. If you paid out of pocket, these costs would quickly exhaust your retirement savings.

To qualify for Medicaid, most states require you to “spend down” your assets to $1,000 or $2,000 depending on the state you live in, and your long-term care options would be severely limited.

There are several little-known government-sponsored programs that allow you to expand the value of your retirement assets to pay for your long-term care needs without spending down your assets and going broke.