Are You on the Hook for Mom’s Nursing-Home Bill? – Wall Street Journal – 06/23/12




The Wall Street Journal

Weekend Investor – Family Value – June 23, 2012

Are You on the Hook for Mom’s Nursing-Home Bill?

By Kelly Greene

Thought you were immune from your parents’ debts? Not so fast. Twenty-nine states have “filial support” laws that could be used to go after patients’ adult children for unpaid long-term-care bills.

In at least one of those states, Pennsylvania, nursing homes have started routinely using the law to prod families into paying their elders’ bills or completing Medicaid paperwork on their behalf.

Among the possible strategies: buying long-term-care insurance before health problems begin or building an in-law unit that you could rent out, perhaps to a child in college or starting a first job, until your parents need it.

Comments June 23, 2012

If the thought of paying a total of $100,000-$300,000 per parent over a few years is less appealing than paying a total of $10,000-$30,000 per parent over 20 years, then you should consider purchasing long term care insurance for your parents. Under the laws of 30 states, you could ultimately be held responsible for your parents’ unpaid long term care bills:

Instead, long term care insurance could pay for your parents’ long term care bills. For example, the price of a long term care insurance policy for a healthy 60 year old husband and wife would be less than $875 per person; depending upon the state in which the policy was purchased. The policy would pay for up to $273,750 worth of care per person and provide at least five years worth of care per person when it is needed. The policy would cost less than $17,500 per person, based on 20 years of payments of less than $875 per year.

Learn more about long term care insurance at:

Aaron Skloff, AIF, CFA, MBA
CEO – Skloff Financial Group

Aaron Skloff, Accredited Investment Fiduciary (AIF), Chartered Financial Analyst (CFA), Master of Business Administration (MBA), is the Chief Executive Officer of Skloff Financial Group, a Registered Investment Advisory firm. The firm specializes in financial planning and investment management services for high net worth individuals and benefits for small to middle sized companies.  He can be contacted at or 908-464-3060.

Click Here for Your Long Term Care Insurance Quotes