Medicaid Long Term Care Nursing Home Costs (Finding Your Piece of the Rock)
Protect Your Assets Qualify for Medicaid. The host for this show is Abe Lee. The guest is Ethan Okura.
A study by the Kaiser Family Foundation in 2003 found that if you are 65 years of age or older, there is a 45% chance you will spend some time in a nursing home.
The study also found that the average nursing home stay is 2.4 years. In November 2008, the State of Hawai’i determined that the average nursing home cost in Hawai’i is $8,850 per month. That amounts to $106,200 a year. For the average nursing home stay of 2.4 years, the cost would be $254,880! This means that 45% of the population who are over 65 years of age, face potential nursing home costs of $254,880!
For the person who is not a multi-millionaire, the greatest threat to the estate is not probate. It is not estate taxes. The greatest threat is nursing home costs.
Okura & Associates has been a pioneer in developing Hawai’i Elder Law strategies to get clients qualified for long-term care Medicaid while protecting their assets.
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