Most people will need nursing home care eventually. Private pay runs $7,000 a month. Long-term care insurance works best if you buy it in your late 50s or 60s. Medicaid covers costs only after you spend down to $2,000-$3,000 and may claim your home later.
at some point in your life, you're probably going to need long-term care. And when I say long-term care, I'm talking about a nursing home. So whether you're 25 or 65, you better learn that there are only 3 ways to pay for it. The first way is straight out of your pocket, private pay. And unless you're at a nursing home that serves cocktails at 5 o'clock, private paying does not mean that you're going to get any better care than those who are paying with Medicaid benefits. And the cheapest places right now are about 7 grand a month. The second way is long-term care insurance, and that's the best way to pay for long-term care. If you're in your late 50s or 60s, You need to check it out, find out if you can afford the premiums. And the third way is Medicaid benefits. But you need to know that Medicaid benefits is not free money. If you have any money, you'll have to spend it all but $2,000 or $3,000 to qualify. And if you own a home, Medicaid is just a loan. They will do everything possible to get their money back out of your home.
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