As they get older, South Carolina residents may get more and more concerns about how they are going to afford the cost of an assisted living facility, such as a nursing home.
The costs of a nursing home stay are astronomical, with average costs running between around $7,500 to close to $8,500 a month, depending on whether a patient takes a private room. This translates to up to about $90,000 annually, and the average person stays in a home for well over 2 years.
On the other hand, many people will require the services of a nursing home. Over 2 out 3 people who are at retirement age will need a nursing home at some point in their lives. Additionally, 1 out of 5 people will require a nursing home stay that last longer than 60 months, or five years.
Many people in the Myrtle Beach area who have worked hard to build modest wealth will still find it difficult to come up with the money to pay for a nursing home stay.
Moreover, even if they have enough, the thought of having to spend one’s legacy on medical care, instead of passing it along to loved ones, is downright painful.
Proper estate planning can help Myrtle Beach families preserve their assets while still getting the medical and personal care they need in their old age or during a disability.
For instance, a person can use certain types of gifts and transfers to legally pass down their assets during their lives and thus, by the time they need a nursing home, be able to qualify for Medicaid.
As a word of caution, though, this type of estate planning is complicated, and the consequences of not doing it properly can mean a person will have to pay for a nursing home out of pocket or just do without the care.