The average cost for a private room in a nursing home in Pennsylvania is approximately $75,000 per year, and approximately $90,000 per year in the Philadelphia area. At these rates, a stay in a nursing home can significantly deplete the estate of even persons with substantial assets.
One option to pay for skilled nursing care is medical assistance benefits. A person cannot be eligible for medical assistance for long term care unless they have a very minimal amount of assets. However, with careful planning, a person may be able to use gifts, trusts, annuities or other “exempt assets” to preserve their estate for their children while making themselves eligible for Medicaid benefits.
Baratta, Russell and Baratta works with clients to avoid the depletion of their estate to the incredible expense of long term care.