By Kelly B. Neubauer, Esq.

The Need for Planning

One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means the loss of independence, but also a tremendous financial burden. The average nursing home care costs $75,000 per year, and often times, more.

Many people end up paying for nursing home care out of their savings until they run out. The advantages of paying privately are that you are more likely to gain entrance to a better quality facility and doing so eliminates or postpones dealing with your state’s welfare bureaucracy–an often burdensome process. The disadvantage is that it is expensive and often wipes out a lifetime of hard work and savings.

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