How to Pay for Nursing Home Care?
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How to Pay for Nursing Home Care?

My name is Scott Oberg and I look
forward to seeing you again to discuss your state planning and
probate needs. Once again. dot com and schedule a time to talk
over the phone or in person dot com and schedule time to talk.
That’s Buckeye Estate Plan planning or probate process, you
can go to Buckeye Estate Plan questions about that or the other
aspects of the estate sure that you. A sort of care that
you need if you have order to protect what you need to
protect while also making process and they in is able to assist
you and your family in that does a state planning that
is able to walk you through the stop gaps that may appear in coverage.
So when it comes to that, it’s important to sit down
with the Medicaid attorney. sort of liquidity that you need
in order to take care for any is and then also at that same point
make sure that you have the reviews your application. No. And
understands where everything to ensure that you know the Medicaid
application team that financial assets and placing them
in certain certain situations need to qualify for it. oftentimes
involves managing your attorney to ensure that you can
qualify for Medicaid when you things are and steps that are taken
steps are taken with your not necessarily immediately disqualify
you for Medicaid and what needs to be done in order.
Make sure that your assets do understands the Medicaid application
process and specifically by looking at in seeking the advice
of an attorney that potentially you know receive nursing
home coverage and that’s assets. At that point, you may need
to look at the final way to you have a significant amount of
assets or some amount of area of being able to you know not
qualify for Medicaid, but somebody that you know you’re kind
of in that in that another without the assistance of Medicaid.
However, if you are pay for long-term care. Out of pocket
through your own means have the sort of assets that you
need in order to potentially as filling out of Medicaid application
to show that you do not assets and you need long-term care.
it could be simple enough often times. If you’re an individual
that doesn’t have many that are financially able to qualify
due to a lack of assets so line and what that does is that
it really only qualifies people indigent or. Below a certain threshold
in terms of the poverty more of a government insurance plan
for individuals that are sort of plan. and that’s where Medicaid
comes in Medicaid is really then need to find some sort
of moral a long term care only for a certain amount of time.
and after that point, you often times Medicare coverage is
really only temporary. It’s insurance through Medicare. the
downside about this is that if you’re somebody that already
is a is somebody that receives met. Will go over Medicaid in a
minute, but through Medicare, as possible. another way to care
to pay for long-term care and nursing home care can be through
Medicare Medicare mind you not order to make sure that they have
as high of a quality of life and may need some sort of additional
standard of of care in true for our service members that
have been injured in combat that sort of care and particularly
they can make sure that you the particular needs that you may
need. this is particularly are placing. That frankly is able
to care for you know any of fairly straightforward if you are
a veteran and in the need of If you’re somebody that served in
our military. now, the good part about this is that generally
speaking, you know it’s long-term care or nursing home care
is by going through the VA. everybody either. the third way
of potentially paying for circumstance that may not be an
option that’s available to upfront in order to get that sort.
Of benefit so in that have to protect potentially pay
a significant amount of money insurance can be expensive out of
pocket, it can pay you would homes. Now, the downside of this
is that long-term care needing some sort of long-term care
in the form of nursing certain number of months or years
that you may anticipate nursing home overtime for a period
of based on you know a to purchase. Essentially an insurance
policy that will pay a long-term care insurance. Long-term
care insurance allows you that particular point now, the second
way that you could potentially pay for nursing home
care is by purchasing at that point, you then need a plan
to care for after after out of financial assets in order
to pay that nursing home. So needed in order to cover for that,
you know you may quickly run don’t have the sort of monthly recurring
revenue that that is quit. Find your family your family’s
assets lesson and deteriorate overtime by paying six
or $7000 a month. If you has a significant amount of financial
means you know you can or $7000 a month here in Ohio and
even if you’re a family that nursing home care is expensive.
It can range beginning at six certainly cash that check now. the
downside about it is that You just pay them a check and they
will go ahead and they will home. Now the plus side about this
is that it’s fairly simple. charge for individuals to be residents
in a particular nursing pocket giving the nursing home being
monthly cost that they If you are a loved one needs, it
is by actually. Paying out of first way that you can potentially
pay for nursing home care. qualify for the ability to stay
in a nursing home. now the mix and match and see what you can
do in order to ultimately to everybody and because of that
you kinda have to sometimes available. However, sometimes these
options are not available families are left trying to figure
out how exactly that you pay do you pay for it now. Luckily there
are a number of options homes can be expensive and because
of that. often times to discuss your estate planning
and probate needs. Nursing dot com and schedule a time to talk
over the phone or in person dot com and schedule time to talk.
That’s Buckeye Estate Plan estate planning and probate, you
can go to Buckeye Estate Plan and probate process here in Ohio.
If you have questions about answer questions that you have involving
the estate planning A I’m your host Scott Hofburg and
this is the show where I I’m gonna answer for you today on
Ohio State and Probate Q and on our next episode of Ohio State
and Probate Q and A. How do you pay for nursing home
coverage? That’s a question.

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