RHBC Chamber May Lunch & Learn May 10th
Monday, May 8th, 2017
Many people are under the false assumption that Medicare will pay their long-term care expenses. That is false! If you or your parents require assisted living or nursing home care, you have only three options: privately pay for these services; hope the long-term care insurance you’ve purchased, if any, will pay for these services; or try to qualify for Medicaid.
For those advanced in age, long-term care insurance may be prohibitively expensive, and the average cost of a nursing home in Georgia is approximately $6,000.00 per month. At that rate, it won’t take long for the wealth you’ve accumulated over your lifetime to be consumed.
Trying to qualify for Medicaid can be a difficult and complicated process. Furthermore, many people falsely assume that because they’ve done no planning, nothing can be done. That’s incorrect. While advanced planning is best, there are ways to maximize and preserve assets in crisis situations.