There is a big decision that needs to be made in most people's lives when they become elderly.
That decision is: Do I stay in my own home where I feel most comfortable and secure or do I go to an assisted care nursing home where I will never feel that way?
Many times family members involved in senior care will make that decision for you.
What are the things that one should know before making this very important decision? More specifically, what are the FINANCIAL aspects to this move?
1. The nursing home will take your social security check every month in long term assisted care facilities.
2. You are only allowed to keep approximately $10,500 of any amount of savings, stocks bonds etc. If you have a home, unless your spouse is still alive, you must liquidate it.
3. The ONLY way you are allowed to keep your savings, home, stocks & bonds is to turn it over to somebody 5 years before arriving at the nursing home. This is referred to as the "look back" period. This person now owns your accounts and home. You better really trust them and have these papers legal to allow you to stay on in your home and have an allowance.
4. Medicare does NOT pay for long term care.
5. If you purchased Long Term Care, you were very smart.
6. It is ALWAYS more economical to hire a home health care agency, like Caring Hearts and Hands Agency in Asheville, NC.. Yes you will have to pay us anywhere from $19-25 an hour, but you will never have to turn your social security, savings or home to us. You can leave your heirs your assets.
7. Call CARING HEARTS AND HANDS HOME HEALTH CARE @ 828-333-5051 for more details on how to save $$ with elderly care.