“Tips to share with prospective residents about paying for senior living,” by Serena Miller, McKnight’s Senior Living
“As families and individuals consider a transition to senior living, they may be searching for ways to afford a high-quality place to live. For some, the best solution is to sell their current house and use those proceeds toward securing senior living or long-term care. For most homeowners, however, the thought of selling a beloved home — especially after years or decades of cultivating a life there — is a daunting and emotional one.”
LTC Comment (from Stephen A. Moses, President, Center for Long-Term Care Reform):
Medicaid’s huge home equity exemption allows people to preserve the family home’s value by placing an infirm elder in a welfare-financed nursing home. Some people are willing to sell the home and purchase preferable private-pay assisted living. But as Medicaid expands more and more into providing assisted living as well, the risk is that venue will face the same fate as nursing homes, i.e., inadequate reimbursement to provide quality care.