doopstr

One of my biggest fears is surviving some catastrophic event (such as a stroke) and then being stuck in a nursing home long term. I believe the end result is that my health insurance would eventually run out and then the nursing home would drain my bank accounts.

How does one go about protecting his/her family in this situation?

Here's another question, let's say they drain me dry and I eventually die but there is a life insurance policy. Will the nursing home try to go after that policy or would my family be in the clear? Are there any left over nursing home bills that the immediate family is responsible for after death?

Whiskers

My dad says two things get you into a nursing home...Your head and legs.

Will Y.

"Long term care insurance" for those who are not Medicare- or Medicaid-qualified.

IDK how the nursing home contracts are set up, but if they accept Medicare, Medicaid or insurance benefits, there probably won't be any left-over bills as the homes would likely have agreed to accept the program payments as payment in full.

If it was a private pay situation and there are left-over bills, then the home could go after your probate estate. However, the life insurance proceeds are not part of your probate estate if there are specific named beneficiaries under the policy.

TampaJim

There are 30 states in which your family IS responsible for long-term care expenses. This even includes your parents (filial responsibility). New Jersey is one of the 30 states included. I suggest that you seek the advice of a Certified Financial Planner and possibly an attorney that specializes in estate planning.

Our "democracy" works in a very unfair way. Those that can afford protection, can have it. IF you have assets to risk, spend the necessary money to cover yourself and your loved ones.