Here is one thing you never want to think about: the idea that you could end up needing long term care in a nursing home in the future. While you will do your best to avoid this, you never know what the future holds. You could become ill or injured. Either way, if you are unable to take care of yourself at home, a nursing home could be your only option.
Nursing homes have come a long way in terms of what they offer patients. In today’s day and age, many of these facilities look more like hotels and less like hospitals.
But how do I pay for nursing home care? This is the question that bugs many people. They realize they may one day need the assistance of a nursing home staff. What they don’t realize, however, is that paying for this type of treatment can be challenging.
Plan for the Future
The best thing you can do is plan for the future. This means realizing that you may one day require nursing home care, and doing whatever you can to ensure that it will be paid for if the time comes.
There are many ways to pay for nursing home expenses, including the following:
- Out of Pocket
You have the right to use personal resources to pay for nursing home care. Is this something you want to do? Probably not. That being said, it may be your only option in the future.
If you are forced to pay out of pocket, consider what makes the most sense. For example, you may have enough cash to pay for your stay in a facility. Conversely, you may need to sell your home to guarantee that you can receive the care you need for the rest of your life.
All in all, paying for nursing home expenses out of pocket is never an easy thing to do. If you find yourself in this position, know your options in terms of where to get the money.
- Long Term Care Insurance
For many, this is the best way to avoid using personal resources to pay for nursing home care. If you purchase long term care insurance, this can kick in if you need to spend any amount of time in a nursing facility.
When buying a policy, here is what you need to do: be clear as to what it covers, as well as how much. For example, some policies only cover 60 percent of your expenses. This means you will still be responsible for 40 percent.
You are not required by law to purchase long term care insurance, but it is something you should strongly consider if you want to avoid a potential financial problem in the future.
- Get Help from Your State
This is not something you should hang your hat on, but it’s an option to consider. If you qualify for Medicaid, you may have access to financial assistance to help with nursing home care costs.
Note: not every nursing facility accepts Medicaid payments, so make sure you check on this before deciding where to receive care.
Tip: you may not be eligible for Medicaid until you spend down some of your personal resources. This is something to discuss with an estate planning attorney, as they can direct you as to how this can be done as well as the laws that govern your spending.
The best thing you can do is plan for the idea that you will one day require nursing home care. If this does not happen, you don’t lose anything. If it does, you will be prepared to deal with the expenses.
Are you in the process of seeking a nursing home for a loved one? This can be a difficult decision, as you don’t want to make any mistakes. We are here to help during this challenging time. Download our free report entitled “7 THINGS YOU NEED TO KNOW Before You Choose a Nursing Home.”
With this report in hand, you will have the knowledge needed to choose the right nursing home for your loved one’s care. Making a confident decision will go a long way in giving you and your family member peace of mind.