A recent survey of costs for nursing homes in southwest Oklahoma shows that typical costs for full-time care in a nursing home will cost between $3,500 and $5,000 per month. When it comes to these nursing home costs, there are generally considered only three ways to have it paid: 1. Self-pay, which is where you or someone you love pays the full cost; 2. Insurance pay, where a long-term care insurance provider pays for either the full or partial costs; or 3. Medicaid pays for the cost of the care. I will summarize each of these options so you can assess where your coverage would be, should you need long-term care.
Self Pay. This is where most individuals who need nursing home care now usually are. They have to use their own assets to pay for their own costs. This is considered the American way, and generally it is thought that if one can afford it, one should have to pay those expenses. The issue that arises is when you look at the costs ($5,000 per month) and you look at most people’s estates, the whole estate is used very quickly and there is nothing of a legacy to pass on to the children of the individual in the nursing home. The main issue I want to address and the assets I want to protect for the children come when the children depend upon an asset that may have to be sold to cover mom or dad’s nursing home expense.
The case that I think of is where a farm has to be sold. Dad was the owner of the farm, but Son had been farming it for years. When Dad had to go into the nursing home, he was in the Self-Pay category and had to cover the $5,000 per month expenses. Because rental on the farm was only about $7,000 per year, the Son had to give up farming because Dad was forced to sell the land. This not only caused Dad to incur taxes on the sale, but also caused Son to lose part of his livelihood because of the sale.
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Where does this leave you as an individual? As I said, self-pay is the American way, but that may not be the way it will have to be. With proper planning, you can look at one of the other ways to pay for long-term care expenses. We will look at them later and what you can do to get that proper estate and elderlaw planning.
The main thing to think about, though, is if your children rely upon your assets (or business) for their livelihood, have you taken steps to ensure that their ability to use that asset will not be placed in jeopardy if you are no longer able to care fro yourself?