The average nursing home in Maricopa County costs nearly $6,000 per month in 2007 and the costs are not going down. That is $72,000 per year or $216,000 for a three year stay. The average stay in a nursing home is about 3 years. It is estimated that about two-thirds of all people over sixty-five will need nursing home care at some time. Without proper planning the law requires that the nursing home patient have no more than a house, $2,000, and a few exempt assets before they are eligible for governmental help. The spouse usually can not keep sufficient assets and income to maintain their lifestyle. The adult children end up making up the difference to the detriment of their own families. Proper planning of assets, income, and long term care insurance may help families avoid bankruptcy by nursing home.
