THINKING ABOUT NURSING HOME CARE, OR MEDICAID? The decision to move a family member into a nursing home is one of the toughest and most difficult decisions you can ever make. Over time, caring for an aging or disabled love one can deplete your energy, time and finances. The legal and financial ramifications can cost you plenty. Your income, assets and financial security can be a serious risk. Stop, before it’s too late. If you and your family are overwhelmed or confused by all the decisions you have to make. If you want to know your individual rights, or this…
One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also a tremendous financial price. The average nursing homes cost, in our area, is approximately, $10,000 per month, that’s $120,000 a year, and the average stay in a nursing home is 4 years, that’s $480,000. For many people this will wipe them out financially. Most people end up paying for nursing home care out of their savings until they run out. Then they can qualify for Medicaid to pick up the…
As the term is used here, self-funding refers to paying for long-term care costs out of pocket with personal or family income, savings, pension benefits, stocks, bonds, and other investments. Contributions from children or other relatives may also come into play. Any financial product designed to grow and accumulate funds can be used as a way to save for future long-term care needs. However, most people find that, even when done in advance, saving a sufficient amount every month or every year for long-term care expenses is extremely difficult. Those who are older may not have enough time to ensure…
With the aging of the baby boom generation and the cost of health care on the rise, the issue of long-term care (LTC) is of major importance to both consumers and policymakers. While some individuals will be able to rely on friends and family in the event they need extended care and help with the activities of daily living, many others do not or will not have such a support system. These individuals must determine how they will meet the potential need for long-term care and how they will fund costly and extended home health services, assisted living, or a…
DON’T GO BROKE PAYING THE NURSING HOME Do you have over $500,000 to pay the nursing home? Our FREE Report “NINE QUESTIONS TO ASK THE NURSING HOME” is Available to Seniors and families to Help Pay the Cost of the Nursing Home. The average cost of a nursing home facility in Maryland is approximately $10,000 PER MONTH, that’s $120,000 PER YEAR. Also, the average length of stay at a nursing home is approximately 48 months, that’s $480,000. Unfortunately, spouses and their families use all their hard earned lifetime savings, sell their home, to pay the nursing home, and now they…
Seniors who fit a particular personality profile are more than twice as likely to receive long-term care in a nursing home, according to newly published research in The Milbank Quartly. Researchers from various institutions, including the University of Rochester Medical Center Department of Public Health Sciences and the University of Chicago, examined data from 1,000 seniors participating in a Medicare demonstration project. Based on a self-report questionnaire, these seniors were classified under five personality traits: neuroticism, extraversion, openness to experience, agreeableness and conscientiousness. These are traits commonly used as a conceptual framework by psychologists. Based on participants' healthcare use over…
One of the biggest fears that many people have today is the fear of having their life savings wiped out if they end up in a nursing home. What a shame to see someone’s life savings of 30, 40, or 50 years wiped out in a matter of months. Whether you or a family member is in a crisis or not, it is important that you understand what you can do to protect your hard earned assets! Most of the public does not yet realize that the laws on asset protection and long-term care planning has changed, therefore, it is…
A U.S. district court has ruled that a group of Medicare beneficiaries who were denied coverage of nursing home care because they were not admitted to a hospital for three days prior to moving a nursing home, but rather were placed on “observation status” for the duration of their stay, cannot compel the government to change the rules governing how hospitals admit patients. Bagnall, et al v. Sebelius (D. Conn., No. 3:11cv1703 (MPS), Sept. 23, 2013). Under current Medicare rules, a patient must be admitted to a hospital for at least three days in order for Medicare to pay for…
University of Utah electrical engineers have developed a network of wireless sensors that can detect a person falling. This monitoring technology could be linked to a service that would call emergency help for the elderly without requiring them to wear monitoring devices. For people age 65 and older, falling is a leading cause of injury and death. Most fall-detection devices monitor a person's posture or require a person to push a button to call for help. However, these devices must be worn at all times. A 2008 study showed 80 percent of elderly adults who owned call buttons didn't use…
Former Medicare chief Dr. Donald Berwick said Obama administration officials should abandon a rule that is leaving many older Americans without coverage for expensive rehabilitation care after they leave the hospital. The Medicare rule requires recipients to be admitted as a hospital inpatient for at least three days before the federal health insurance program for seniors and the disabled will pay for follow-up nursing home care. The problem is that an increasing number of patients are spending days in the hospital under “observation’’ status, often without realizing they were never officially admitted. “The patient ends up holding the bag and…
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