How to Pay for a Nursing Home
With skyrocketing medical care costs it is no wonder that the cost of nursing home care has followed suit. The cost of a year in a nursing home can be as high as $90,000, or even more, according to MetLife Insurance. A Bryan elder law attorney can help you develop a plan for how to manage such costs.
Planning Is Essential
Far too many people wait until the need exists before they plan for how they will pay for nursing home care. It is essential that you prepare for the possibility of needing to live in a facility. No matter how you feel about the notion of living elsewhere than your home, a time may well come when your loved ones cannot take care of you without help. The Centers for Medicare and Medicaid Services reports that 40% of seniors over age 65 need to reside in a nursing facility, at least for a period of time. Without careful planning with the help of your Bryan elder law attorney such care can financially devastate your loved ones.
Ways to Pay for the High Cost of Nursing Home Care
While there is no way to predict who will need nursing home care or when early on, you can protect yourself by purchasing a long-term care insurance policy. The younger you are when you purchase the policy, the better, for the premium is based upon age and benefits selected. Thus, when younger you can buy a policy for less, and afford more benefits.
If you are a veteran you may wish to consider Veterans Administration benefits. Unfortunately, however, as recent news reports suggest, VA hospitals are filled, and the administration is having difficulty keeping up with care demands.
Many individuals rely upon government assistance for nursing care. This may be an ideal solution, especially if you are low-income. Medicare is not a good option long-term, however. This program is designed for short-term care, and while you might be able to receive Medicare for nursing home costs, you will need to find one that is Medicare-certified and have a doctor certify that you need such care. This is where Medicaid may help. Even if you don't qualify as low-income when you enter the facility, once your assets have depleted you may be eligible.
Finally, you can use your own assets, such as your home. This is not a preferred option for those who wish to leave their loved ones with something, but in some cases it is the only option.