With assisted living facilities costing on average between $3500 to $5000 per month, paying for such care can be a real challenge. Because assisted living facilities in Michigan do not accept Medicaid as payment for room and board, often children have to use their own personal funds to help when their parent’s assets are depleted. It is a sad day when a parent has to move into a nursing home solely because they can no longer afford their assisted living expense.
With more and more baby boomers needing long term care, it is more important than ever to have a financial plan in place if such care is ever needed. With the ever-increasing financial challenges to the Medicaid budget, it is very risky to assume Medicaid will be a viable option and refuse to take steps to protect yourself and your assets from long term care costs.