One of the greatest fears of older Americans is that they may end up in a nursing home. This not only means a great loss of personal autonomy, but also comes with a tremendous financial price. The cost of long-term care has risen significantly in the past decade, and will continue to rise. In 2017, the average cost of a nursing home facility in Texas is approximately $5,200.00/month.
There are basically four possible ways to pay for long-term care. These are (1) private pay, (2) long-term care insurance, (3) Medicaid, and (4) Veteran’s Aid & Attendance benefits. Many nursing home residents do not have long-term care insurance, due either to its cost or its unavailability. Unfortunately, these residents often take the private-pay route, and end up exhausting their assets on their long-term care. But it doesn’t have to be that way. Medicaid and Veteran’s benefits offer very effective alternatives to pay the prohibitive cost of long-term care with private funds while protecting assets for loved ones.