Will I lose my home if I choose assisted living?

Question:
I own my home free and clear and would like my children to have it if I go into assisted living. Will I have to sell my home to pay for assisted living or is the cost based on my income only?

Answer:

The answer to your question really depends on several factors.

First of all the cost of assisted living is not determined by your income. Every assisted living community has their own services they provide and decide the fees they charge for those services. No two communities are the same.

The real challenge is determing how you will pay for assisted living based on your own income and financial situation.

You can also talk to tax and financial planners to determine the best course of action in order to accomplish your goals for your home and your financial situation in the future.

The only time your income and assests come into determining the care you receive is if you apply for Medicaid to pay for your living and health care expenses. Again you should talk with financial advisors or to the Medicaid program directly to determine their requirements which are very specific as to your assets and income.

There is no assisted living community that requires you to give up your home in order to live in thier community.

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