Alternatives To Medicaid
Sometimes the costs of a nursing home can be paid via alternate sources of income, such as dividends from properly invested assets. 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 products that pay the costs of long-term care. Some 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 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 if you are ill. Almost all these products will pay for nursing home and assisted living facilities. They can provide a fixed monthly income.
If you are a concerned relative or friend of an elderly person who seeks assistance with Estate Planning, Elder Law or Medicaid, Contact Us Online or Call Us at (904) 355-8888 to set up a consultation and receive our North Florida Nursing Home Guide.