Sometimes the costs of a nursing home situation can be paid for by alternate means. For example, an individual may be able to pay for the costs provided that their assets are invested properly. The easiest way to pay for the costs of a nursing home or home health care is through insurance. The National Association of Insurance Commissioners has published a pamphlet entitled "A Shopper's Guide to Long-Term Care Insurance". This pamphlet can be obtained by calling (816) 842-3600.

There are a variety of other products that pay the costs of long-term care. Some products incorporate life insurance with a long-term care rider that will pay the face amount of the policy towards long-term care and/or death benefits.

Other products link annuities to long-term care benefits. Most annuity products pay out set sums for life given an initial investment. Other annuities use underwriting based on your health situation and can require less "up front" money if you are ill. These companies "bet" that you won't survive to receive the full payout. If you do survive longer than company expects, then they continue to pay.

Almost all the products will pay for nursing home and assisted living facilities. These products can provide a fixed monthly income each month. Some of these products even take you if you are already ill and in a facility. Be sure to make sure that the company that you are dealing with is highly rated to  reduce the risk of loosing your investment. Consult with an Elder Planning Specialist with regard to all these products. Remember most brokers and insurance sales people are locked into only providing the products that their company offers. So shop around or go with an independent agent.

If you are a concerned relative or friend of an elderly person and need help with Estate Planning, Elder Law, or Medicaid and are in the Jacksonville, Orange Park, St. Augustine, Fernandina Beach or in the areas around Duval, St. Johns, Nassau, and Clay counties, we'd like to hear from you.

Contact us online or call us at 904-355-8888 TO SET UP A FREE CONSULTATION.

Contact us online or call us at 904-355-8888 also to learn more about Elder Law and receive our Free North Florida Nursing Home Guide.