Care.com: “Cost of home care vs. nursing homes — what you need to know”
Care.com, March 26, 2021 — In today’s article by Halley Bondy she writes, “When it comes to caring for an older loved one, families must often prepare to make major financial decisions. One of the most significant choices will be whether a senior receives care at home or in a skilled nursing facility when they have higher needs, such as Alzheimer’s care. Both choices have profound ramifications when it comes to financial planning, budgeting, and uncovering available benefits.”
Whichever you choose, Bondy shares, experts strongly recommend researching options in advance of a medical emergency.
She turned to Marguerita Cheng, CFP® for insight about assigning benefits rights, who explains: “A little-known benefit to using a nursing home is that a facility can work directly with the insurance providers if a senior assigns the facility benefits rights. This will relieve the seniors and caregivers of dealing with insurance companies or government benefits programs. It’s a huge time saver, and it will free you from so much stress.”