Nursing Home Care
As one grows older, the chances of needing long-term nursing home care become much more likely. The average nursing home cost per month in Nevada is high.
Average costs for Nevada in the data from the Genworth 2018 Market Survey of Long-Term Care Costs states that the average cost in 2018 of Nursing Home care in Nevada was $305.00 per day for private care, and $271.00 per day for semi-private care.
The daily cost varies, depending on your locality. In Las Vegas, for instance, the average cost of private care per day was $307.00.
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The United States average cost for a semi-private room was $245.00.
For comparison, the average monthly cost for Assisted Living in Nevada was $3,500. The average cost of a home health aide in the state was $22.00 per hour.
It is important that you plan for the possibility of needing to provide for funding this cost in the future. In order to try and maintain your financial independence, you should consider purchasing a long-term nursing care insurance policy from a reputable and financially sound insurance company which provides the benefits that meet your objectives.
If you do not have sufficient funds to purchase and maintain a long-term nursing care insurance policy, you may, with proper planning, become eligible for Medicaid benefits for nursing home care. Although Medicaid is a joint federal and state program, the Nevada Legislature does have some flexibility in providing the eligibility requirements for Medicaid benefits.
The precise qualifications for Medicaid a moving target, but suffice it to say your income must be low and your asset level also very low
As a general rule, if an individual transfers assets as gifts or sells them for less than the fair market value of such assets, he or she may be disqualified for Medicaid benefits for a period of up to sixty months. As a result of the Deficit Reduction Act of 2006, this period of ineligibility for Medicaid benefits now generally begins to run as of the date of application, not the date of the gift. These harsh rules can often be avoided
with proper estate planning.
If an individual is married and his or her spouse does not require nursing home care, such spouse cannot have countable assets in his or her name with a value in excess of $119,200; otherwise, the individual will be ineligible for Medicaid benefits for nursing home care. Again, this amount will generally be adjusted from year to year.
As with other aspects of your estate planning, it is important to plan for the possibility that you or a close friend or relative may require nursing home care in the future. Generally, if action is delayed until the person needs institutional care, the planning opportunities then available are very limited.
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