Financial Responsibility for Nursing Home

Q: I am interested to know the financial responsibility my mother will have as she was recently placed in a nursing home due to her inability to live on her own. She live in Ohio, has approx $40,000.00 in CD's, a house valued at $140,000 (paid off), and collects $700/month SSI.

A: Based on her assets, unless she has long term care insurance she will bear the reponsibility for covering the costs. That assumes that you are referring to an assisted-living or nursing home facility for which skilled-nursing care is not provided.

There are some benefits (if I remember correctly) associated with Medicare but I believe that the nursing home benefits only apply for a limited period of time and require a 3 day hospital stay first.

Your posted comments on this and other questions are welcome.
If you have a question for Jeff an answer is just a click away.
Find a wealth of information at Jeff's website.