When facing the decision to put a loved one into a nursing home, the last thing you want to be concerned about is their safety and security. That’s true of financial and physical health. There are some financial pitfalls that you need to know about so you can protect your family.
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Choosing to put yourself or a loved one in a nursing home can be a stressful experience as you look for a place that will look out for your safety and health.
But not all places are created equal and some locations have even put some financial elements in place that could create pitfalls for us. Allowing residents to make decisions about their money could put them in a compromised position.
That’s why we wanted to have a conversation about this topic on the Plan with Dan podcast. Dan Betzel dealt with these things firsthand when his mother had to live in a nursing home for a short time. In doing his research, he found that some places were offering financial seminars, banking options, and more for residents.
This raised many red flags for him and he wants to share those with you. We also have some advice for families that might be heading towards a nursing home decision soon. Protect yourself and your family by being prepared, and we hope to help you do during this episode.
Take a look at the full rundown of the show below and click the timestamp to skip to a specific portion of the episode.
0:28 – Dan is celebrating a milestone.
2:36 – Introducing today’s topic of elder abuse.
3:42 – The first thing you need to do with your parents or children if you’re getting older and a nursing home is in your future.
4:10 – It’s important to interview before putting someone in a nursing home.
5:00 – Be aware that some nursing homes offer financial seminars.
5:40 – Another thing that nursing homes might try to ask of you.
6:21 – Some of these facilities even have banks.
7:41 – A recent case Dan read about that had nursing home abuse.
10:51 – Getting to Know You segment: If you didn’t have to sleep, what would you do with that extra time?
13:14 – Mailbag question 1: I’m retired now and need income off my investment. Should I invest in dividend-paying stocks?
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[spp-tweet tweet=”I just want everyone to be aware of some of these pitfalls and how shocked I was. Not just to read about them professionally, but to actually see them in place in my own personal life for that brief amount of time that my mom was in the nursing home up in Cleveland. – Dan Betzel”]
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