Some Ways to Pay for the Nursing Home
A part of retirement is that most retirees end up in nursing homes. Living in the comfort of your own home is what you may desire as you age, but unfortunately, chronic ailments may make it difficult for you to live independently without seeking daily assistance. Therefore, nursing homes become the best option even though they are expensive. Without proper financial planning, you may not be able to afford to live in your own home or nursing home. Below are some ways to pay for nursing homes.
Medicaid
Medicaid is a program set by the federal and state government to aid payment for nursing homes. However, for you to qualify for this service, you have to meet medical and financial requirements. Most individuals put money aside for future care but unfortunately end up using all the money due to the cost of care. Medicaid provides for spouses of nursing home residents to protect them from poverty, whether they are living in their homes or in other facilities.
Medicare
Just like Medicaid, Medicare is also a program run by the federal and state government to help cater for healthcare living. However, unlike Medicaid, Medicare caters for the cost of care for a specific period and does not cater for skilled nursing facility care continuously. It also pays for your treatments, medications, and medical supplies during this time. Some of the short-term inpatient rehab that Medicare caters for include stroke, cardiac condition, and hip fracture. Medicare covers individuals 65 years of age and above. It is important to note that, the coverage is for a short period and only accessible under certain circumstances. Additionally, you must meet conditions below to qualify for Medicare services;
- A 3-day stay in the hospital
- Meet a medical criterion based on MDS (Medicare Data Set)
- Set timing requirements
Veterans Assistance for Nursing Homes
Veteran assistance for nursing homes come with two options, these are:
Improved Pension also called the Aid and Attendance Benefit
This option provides financial aid to war-time veterans who need help to carry out daily living activities. The Aid and Attendance Benefit aims at assisting veterans with limited finances, they can use it as well to cater for costs that accrue from nursing home care or assisted living. Contact The Mattar Firm to get legal advice and assistance if you wish to know more about Aid and Attendance Benefit and want to know if you are eligible for this program.
State VA Nursing Homes
This second option for veterans is not only for those who served during war times but serves as a great alternative to the Aid and Attendance Benefit. A veteran can only get services from one of these two options as he/she cannot simultaneously get both services. Furthermore, there is no unified qualification or application procedure for the State VA Nursing Homes, because each state has its own nursing homes with different eligibility requirements. Note that because of limited space within these nursing homes, not all of them provide long -term care.
Long -Term Care Insurance
Long-term care insurance is another way of paying for nursing home because it caters for approximately 5% of the total nursing home bill in the United States. That said, long-term care insurance is activated by an event which could be based on either your medical or care needs in order to allow you as the beneficiary to start receiving insurance payouts which can cater for the care of your choice, that is either nursing home fees or companion care in your home. Moreover, monthly premiums intensify with advancing age and worsening health condition of the enrollee. Individuals 65 years old and above suffering from considerable health conditions may receive monthly premiums in terms of thousands of dollars or alternatively be deprived of coverage outright.
Final Word
While nursing home care expenses tend to be costly, it is reassuring to have in mind that there are several ways and options to paying for the services. Exploring these options may just make it easier to select the most manageable way for you and your family. Planning prior and knowing the available options will help you deal with any set back along the way, as you enroll in a nursing home. You may be in dilemma trying to figure out which way best suits you when it comes to paying for a nursing home, worry less. Contact our elder law attorneys at The Mattar Firm and attend a workshop on how to protect your assets from the nursing home and more.