Medicaid & VA Benefits
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 $5,200.00/mo (app.)
Four Possible Ways to Pay for Long-term Care
- Private Pay
- Long-term Care Insurance
- 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.