The document outlines the high costs of nursing home care in the U.S., with estimates at $70,000 annually, and discusses funding options including private funds and Medicaid. It emphasizes the need for long-term care insurance, particularly for those under 65, as well as the importance of meeting financial criteria for Medicaid assistance. Additionally, it recommends consulting resources like seniorhomes.com for housing and care services.

1. Paying for Nursing Home Care

2. High Costs and Growing Need U.S. government estimates average annual cost $70,000 or $6,000 per month On average, spend about 2.5 years in a nursing home Many can stay for a decade or more

3. Options: Private Funds or Federal Dollars Most funds come from private sources Long term care insurance Stock market investments Selling a home Retirement portfolios Health insurance doesn’t cover as much as most think Private insurance and Medicare account for 3% Medicare pays 100% for 20 days, co-pay up to 100 days Medicaid can help, but only if financial necessity established Key criteria: Medical need (great) Financial assets (none) Annual income (little) Visit Medicaid’s website: http://www.cms.hhs.gov/MedicaidGenInfo/

4. Long-Term Care Insurance: A Great Option Medicaid won’t cover everything Health insurance that covers nursing home, skilled nursing, assisted living, or in-home care costs for those over 65 Pay a little now or a lot later

5. What should you choose? No option is perfect If you’re in dire financial straits, Medicaid is a good option If you’re under 65, opt for long-term care insurance If you’re in-between financially, choose a combination

6. SeniorHomes.com SeniorHomes.com is a resource for seniors and families searching for housing and care services Visit http://www.seniorhomes.com for more information on senior housing Information in this presentation provided by senior finance expert Brian O’Connell