How to Plan for Naples Nursing Home Care Expenses
In Naples, Florida, a semi-private room in an assisted living facility costs approximately $8,220.00 per month. When a family talks to an elder law professional about caring for an elderly family member, the costs of assisted living can become a focal part of the conversation. Considerations should be made for paying for assisted living. Whether someone in the family has been given guardianship of an elderly family member or not.
Medicaid
One of the most common forms of public assistance used to help pay for assisted living arrangements is Medicaid. The federal government primarily funds this public health insurance program. Each state manages their own health insurance program. There are income and asset requirements that must be met before Medicaid can help pay for any assisted living charges.
The income and asset requirements vary from state to state and in many cases Medicaid pays only part of the costs. The elderly family member’s pension or other assets would pay for the rest. The application process for Medicaid can be lengthy and complicated. It a good idea to get an experienced lawyer to help out.
Long-Term Care Insurance
Long-term care insurance is that coverage that you avoid paying for most of your life because you do not see a need for it. As Naples residents get older, the need for long-term care insurance increases. It is rare that anyone ever thinks of getting it. Every person should have long-term care insurance. No matter what they do for a living or how old they are.
In some cases, long-term care insurance will pay all of the costs associated with assisted living arrangements. If your employer offers long-term care insurance, you need to sign up for it. If you cannot get it at work, then you need to contact an insurance professional immediately.
Personal Assets
When you submit an application for Medicaid, one of the first things your state government does is investigate your personal assets. This includes property you own, pension, investments, and anything else that is liquidated easily into cash. You will be required to utilize your personal assets to pay for your assisted living arrangement. Medicaid fills in the gaps. If your personal assets are sizable, then you might not qualify for Medicaid at all.
As it gets closer to the time when you will need to put an elderly loved one into an assisted living facility, you need to come talk to one of our Elder Law Lawyers. We can help you to explore your funding options, fill out and submit your Medicaid application, and make good decisions when it comes to assisted living finances.