Developing a financial plan for providing care is often the most demanding part of the care planning process. Paying for care out-of-pocket is expensive, ranging from more than $25 an hour for home care to over $12,000 per month for nursing home care. A wide variety of subsidy programs support services from home care to nursing homes, but the qualification requirements differ for each program. To make matters more complex, if you plan to meet the qualifications for one type of care subsidy, you may run into problems if your loved one needs a different level of care subsidy later on!
We have extensive expertise in understanding how to finance care in Massachusetts and how best to access appropriate subsidy programs. To explore the options, you need to gather information on your loved one’s income (and spouse’s income, if married), their assets (and spouse’s), and any transfers of assets that your loved one (or their spouse) may have made in the past five years. Based on this and additional financial records, as needed, we will work with you to create a cost-effective financial plan for your loved one. As appropriate, we may refer you to other legal or financial planning professionals.