Let me share some hard facts about life.
- One out of three of us will need nursing home care.
- The average stay in a nursing home is 31 months.
- The average monthly cost of nursing home care is $8,000 – $12,000 per month.
These are the metrics and they are ugly. This, however, does not compare to the anxiety, stress, and difficulty a family faces when transitioning a family member into nursing home care. When it’s a parent, the stress typically falls upon the child – but that springs the question of, “which child?” and “are the other siblings helping out?” Years ago, Mom and Dad were the caregivers – and the kids were taken care. Now the role is reversed – but the reversal comes at a time when you have other responsibilities and problems – your spouse, your children, your job, and your business. Of course you love your Mom and Dad and you’re going to step up and care for them – but it is not easy – and it is not fun.
If you’ve gone through this, you should be nodding as you are reading. I’m writing not as the lawyer, but as the child who has experienced the situation. It is one of those unfortunate realities we face in growing up. Further complicating the matter is the lack of knowing where to gain the advice and information you need and who to believe. Sure, the web is a useful source of information, but how do you know if the advice you are reading is current, applies to Michigan, and is “good” or “bad” advice!? Add the numbers: 32 months x $10,000 = $320,000. If Mom and Dad don’t have a lot more of money than that, then paying for the nursing care is a BIG problem. If Mom is in the nursing home, Dad still needs money to live. The solution is that you need to do Medicaid Planning – so that you protect your assets and position yourself so that Medicaid foots as much of the bill as possible. It is an essential step to take and to do so – you need someone to advise you – who gives good advice and knows the law.
We have a terrific FREE Seminar planned on this exact topic and it is next Wednesday evening, February 28th – When Your Parent or Spouse Needs the Nursing Home – How to Pay for It! – my good friend, Pat Simasko, a premier Elder law attorney will be here to explain to you the steps you need to take in this difficult time. Don’t miss out – sign up by clicking the link below.
Enjoy the weekend – March Madness is coming.