Top 5 Ways to Cut Nursing Home Costs
- Make sure your loved ones have valid and updated financial powers of attorney, specialized for Medicaid planning. Online forms are usually not sufficient.
- Don’t rush to sell mom and dad’s house or condo to pay for their care. Home ownership can be a fantastic way to protect family assets.
- Dont’ let your parents make gifts and don’t take gifts from them.
- Don’t beleive the nursing home when they tell you that you must pay, 6-12 months of private pay to ge mom or dad through the door.
- Don’t sign any nursing home contract before you have an attorney review the contract