You hope there never comes a day when you require nursing home care, but this could be your reality at some point in the future. While your health and well-being are always top priority, you must also take into consideration the financial impact.
Here are some of the most common ways to pay for nursing home care.
1. Medicaid
If you qualify for Medicaid coverage, it’s best to start your search for financial assistance here. While most nursing facilities accept Medicaid as a form of payment, don’t assume this is the case. Verify it before choosing a facility.
Here’s some additional information directly from the government’s Medicare and Medicaid services website:
Medicaid programs vary from state to state. Most often, eligibility is based on your income and personal resources. Many states have higher Medicaid income limits for nursing home residents. You may be eligible for Medicaid coverage in a nursing home even if you haven’t qualified for other Medicaid services in the past.
2. Long-term care insurance
Long-term care insurance policies vary widely. Some only pay for nursing home care, while others provide coverage for various other services such as home care, medical equipment, and assisted living.
If you have an active long-term care insurance policy, review its terms and conditions to verify what is and isn’t covered (and at what level).
3. Out-of-pocket
Most people start by paying for nursing home care out-of-pocket. It’s your hope that this doesn’t last long, but it could be your only option if you don’t qualify for Medicaid and/or have a long-term care insurance policy. Paying out-of-pocket means tapping into your personal assets. However, with proper planning, personal assets can be preserved for our beneficiaries.
If you have questions and/or concerns about paying for nursing home care, it’s best to consult with an experienced legal professional. At our law firm, we can act as your guide from start to finish. Contact us via our website or phone at (904) 672-7600.
