Retirement Plans Meet Reality Who Pays for Nursing Home Care?
What’s your plan for retirement? Most Americans hope to age in place comfortably at home alongside their spouse, but unfortunately, life rarely works out as planned. In reality, most people need assistance to remain comfortable in their senior years, and this often comes in the form of nursing homes, memory care units, and assisted living facilities. Without doing much research, you may assume that’s the easy solution, but you have to remember the costs associated with these facilities. And it’s often much more expensive than anyone realizes. The costs for nursing home care in Ohio are high and continue to climb with each passing year. Right now, you can expect to pay anywhere from $7,000 to $9,000 per month for care at one of these facilities. People over 65 may assume Medicare will cover the costs, but this isn’t always the case. Medicare will pay for the first 100 days
of nursing home care if you are there for an acute illness, but once you stay beyond that 100 days, that illness gets treated as if it’s chronic. Thus, Medicare will no longer cover the cost. This leaves three other options. You could pay for care yourself, but this can eat through your funds. If you have a $100,000 nest egg, that will only cover one year of care. You could look into long-term care insurance, but the last time I had a client explore that option, the annual cost was around $40,000. Most Ohioans don’t have that kind of cash sitting around. This leaves Medicaid as the best option, but it comes with some tricky caveats. To qualify for Medicaid, you have to keep your assets and income levels under a certain threshold. Medicaid also has a five- year look-back period to determine whether you have given away your assets to qualify, which can cause additional complications.
One thing our team does to help clients in this situation is to establish and move assets into a Medicaid asset protection trust. It’s the best way to save your money and assets for your loved ones. If you’re unsure how you will pay for nursing home care or want to establish a plan that protects your future, call us today!
VODKA CREAM PASTA A delightful dinner party entree, this flavorful Italian dish promises to warm hearts on wintry nights!
TAKE A BREAK
INGREDIENTS •
DIRECTIONS 1. In a large skillet over moderate heat, sauté oil, butter, garlic, and shallots for 3–5 minutes. 2. Add vodka in a steady stream and heat for 2–3 minutes to reduce by half. 3. Add chicken stock and tomatoes, bring to a light boil, then reduce to a simmer. 4. Season with salt and pepper. 5. In a large pot, cook pasta to al dente in salted boiling water while sauce simmers. 6. Stir cream into sauce until it bubbles and remove from heat. 7. Drain pasta, toss with sauce
1 tbsp extra-virgin olive oil
• •
1 tbsp butter 3 cloves garlic, minced
• • • •
2 shallots, minced
1 cup vodka
1 cup chicken stock 32-oz can crushed tomatoes Coarse salt and pepper 16 oz penne rigate pasta 1/2 cup heavy cream 20 basil leaves, torn
•
•
DREAM EQUALITY FESTIVAL GROUNDHOG
HEARTS KING LINCOLN MUFFIN
PANCAKE RABBIT ROSES 3 740-314-4829
• •
and basil leaves, and serve with sides of your choosing.
Inspired by FoodNetwork.com
Made with FlippingBook Ebook Creator