How Do You Pay the Nursing Home?
Nursing homes are very expensive, ranging from $7,000 to $12,000 or more a month. Additionally, long term care in nursing homes is not covered by health insurance plans. Therefore, how do you pay for your loved one’s care without going broke?
If you are considering a nursing home for your loved one, here are some options:
Most nursing home residents pay for their own costs, with their Personal Resources, until they are depleted. Consequently, they become qualified for Medicaid when their resources are drained.
A Reverse Mortgage can finance nursing home care, if your spouse resides in the marital home. Thereby, utilizing your home as a source of income without losing the benefits of ownership.
Medicare is a federal health insurance program that is available to individuals over the age of 65. However, you require a hospital stay of at least three days, and the benefits last up to one hundred days. After this time, you are on private pay. For more information visit the Medicare section of the CMS website.
Medical Assistance (Medicaid) is a state and federal program which provides long term health care for individuals. However, these individuals must meet certain criteria to receive these benefits. For more information visit the Medicaid section of the CMS website.
A long-term care insurance policy helps seniors pay for nursing home care.
Veterans may be eligible for long-term care in a VA facility or in a community nursing home that has a long-term contract with the VA. However, the amount of nursing home beds is very limited. Visit the U.S. Department of Veterans Affairs (VA) website.
To increase your monthly income, please contact us about a FREE VA benefits HANDBOOK, written by David Wingate, an accredited VA Attorney, of Senior Life Care Planning, LLC, go to firstname.lastname@example.org or if you require additional information about VA Benefits, visit our Maryland Veterans Benefits website.
Please review our Blog on Elder Issues and Veteran's Benefits.
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