Are You on the Hook for Mom's Nursing Home Bill - Aaron Skloff, AIF, CFA, MBA - CEO Skloff Financial GroupDocument Transcript
June 23, 2012 – WEEKEND INVESTOR – FAMILY VALUE By Kelly GreeneAre You on the Hook for Moms Nursing-Home Bill? Thought you were immune from your parents debts? Not so fast. Twenty-nine states have "filial support" laws that could be used to go after patients adult children for unpaid long-term-care bills. In at least one of those states, Pennsylvania, nursing homes have started routinely using the law to prod families into paying their elders bills or completing Medicaid paperwork on their behalf. Among the possible strategies: buying long-term-care insurance before health problems begin or building an in-law unit that you could rent out, perhaps to a child in college or starting a first job, until your parents need it.Comments June 23, 2012If the thought of paying a total of $100,000-$300,000 per parent over a few years is less appealing than paying atotal of $10,000-$30,000 per parent over 20 years, then you should consider purchasing long term careinsurance for your parents. Under the laws of 30 states, you could ultimately be held responsible for yourparents’ unpaid long term care bills:http://graphics8.nytimes.com/packages/pdf/health/NOA/30states.pdfInstead, long term care insurance could pay for your parents’ long term care bills. For example, the price of along term care insurance policy for a healthy 60 year old husband and wife would be less than $875 per person;depending upon the state in which the policy was purchased. The policy would pay for up to $273,750 worth ofcare per person and provide at least five years worth of care per person when it is needed. The policy would costless than $17,500 per person, based on 20 years of payments of less than $875 per year.Learn more about long term care insurance at:http://skloff.com/services-ltci.htmAaron Skloff, AIF, CFA, MBACEO - Skloff Financial GroupAaron Skloff, Accredited Investment Fiduciary (AIF), Chartered Financial Analyst (CFA), Master of BusinessAdministration (MBA), is the Chief Executive Officer of Skloff Financial Group, a NJ based RegisteredInvestment Advisory firm. The firm specializes in financial planning and investment management services forhigh net worth individuals and benefits for small to middle sized companies. He can be contacted atwww.skloff.com or 908-464-3060.