Nursing/asisted living home
Other than long term insurance is there anyway to shelter your savings from nursing home costs?
Terry Says
You can IRREVOCABLY give away assets at least 5 years before you need government assistance to pay for nursing home. But that puts you in a government-funded (Medicaid funded) nursing home — not where you’d like to be if you have assets to have a private room in a private facility.
If you’re still healthy, consider a long term care insurance policy. Search my columns on my website for more info on that. Or prepare to pay when you need care. At least private pay gives you the option of getting care at home, which is unlikely with Medicaid.
