Scenario: Your parent needs to be institutionalized because s/he is suffering fr

Scenario: Your parent needs to be institutionalized because s/he is suffering from dementia. While initially you thought all was okay because “Medicare pays for everything”, you come to find out that Medicare does not pay for the cost of long-term institutional care. Unfortunately, your parent’s resources are limited, so you know paying out of pocket is not an option. So what are the options?
Review the link to NIH Senior Health in this week’s Learning Resources and use it to determine how you will pay for your parent’s long term care. To give you some parameters, let’s assume your parent is 70 years old, retired with a household income of $30,000 with very little savings, is in otherwise good physical health and could be expected to live at least 10 more years. How will you pay for the necessary institutional care?