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Nursing Home Debt and Social Security Benefits–A Complicated Landscape - cbsnews.com
The average cost of residence in a long-term care facility has skyrocketed in recent history. That, of course, is not new news…we’ve been reading harrowing accounts of this trend for some time. Lately, though, the possibility of reduced Social Security benefits has shifted the focus on this type of healthcare spending to include whether debt related to monthly long-term care can lead to garnishment of an individual’s Social Security benefit payment.
It’s kind of a murky area, as explained in a cbsnews.com post yesterday by Managing Your Money senior editor Angelica Leicht. Her post examines the federal protections existing to protect Social Security benefits from debt collectors and explains the complications that can arise when benefit payments are deposited into bank accounts, especially when interspersed “…with other income sources or if account ownership creates confusion.” Ms. Leicht also covers the federal government’s regulations relative to nursing home debt, as well as other debt-collection remedies available to creditors.
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