The costs associated with receiving care in skilled long-term care facilities, or nursing homes, are ever increasing, and many people wonder what they can do to mitigate these costs or protect their assets. The bottom line is that if you actually need skilled nursing care, you might be unable to avoid the cost of a nursing home at some point in the future. However, you can take a number of steps to remain independent for as long as possible and to provide for these costs if they do arise in the  future. Have a question? Get an answer from a Personal Finance Professional now!

Instructions

1.Consult with your family, attorney and/or financial adviser to create a plan in the event you do need care at some point. Discuss options such as living with adult children or moving in with a trusted friend, and find out what your family's expectations are regarding durable power of attorney and financial responsibilities, as well as the best means for disposal or conversion of assets as may be required.

2.Obtain a long-term care insurance policy. Many people mistakenly believe that their existing healthcare coverage or government assistance programs will pay for nursing home costs. A long-term care insurance policy will cover a majority of the costs associated with skilled nursing care in a nursing home, but remember that you must pay your premiums, and you must not be a resident of a facility already. Do your homework, and research the policies available to find one that best meets your family's needs.

3.Evaluate alternatives. A person who does not have a serious medical condition and retains his mobility might no longer be able to live alone, but doesn't necessarily need to move to a nursing home. Supportive retirement communities, assisted living facilities and group homes are all options for those who need some assistance but don't require 24/7 monitoring by skilled medical providers. While there are still significant costs associated with these alternatives, they are usually much less than living in a long-term care facility.

4.Take care of yourself now. Eat a healthy diet, exercise, and don't smoke. Keep up with regular preventative health measures, such as cancer screenings, cholesterol monitoring, and yearly dental and physical check-ups. While debilitating illness can strike anyone, maintaining good health now can help you to avoid the need for skilled nursing care in the future or at least help you maintain your independence longer and significantly push back the clock on moving into a nursing home.

By Carolyn Kay Neeley,eHow Contributor

http://www.ehow.com/how_8104770_avoid-high-nursing-home-cost.html