Qualifying for Medicaid and Transitioning Your Loved One to a Nursing Home
The decision to place a loved one in a nursing home is often accompanied by an incredible amount of anxiety and stress. Whether the need for long-term care is brought on by a sudden accident or by a long-term, progressive illness, this is likely an unhappy time for both the person entering the nursing home, the caregiver and everyone else helping with the transition.
Besides the upheaval involved in moving to a nursing home, there is also the stress of figuring out how to pay for nursing home bills that can total thousands of dollars each month. During this time of grief and stress, it’s easy to do nothing and avoid it altogether, assuming it has to come out of your own or your loved one’s savings. However, it is critical to make good financial choices during this period, because these decisions can have far-reaching consequences. Fortunately, there are options for alleviating the burden, and our office is available to guide you through this unfamiliar process.
Don’t Go Broke Paying For Nursing Home Care
Few people can afford to pay the full cost of a long-term nursing home stay. So, how do you cover the cost of nursing home care…and who exactly is responsible for the nursing home bills?
Options for Paying for Nursing Home Care
- Medicare: Provides very limited long-term care coverage. Many people incorrectly assume Medicare will take care of their nursing home expenses. Unfortunately, Medicare typically covers a maximum of 100 days of long-term care.
- Long-term Care Insurance: If your loved one has a policy it may cover most – or even all – of his or her nursing home expenses. It’s important to review the policy as soon as you suspect a nursing home stay may be necessary.
- Children and Loved Ones: There is no good reason for you to bear the responsibility for your parent’s nursing home bills. Often, however, nursing home agreements attempt to make a resident’s children or other loved ones responsible for a resident’s bills. Check the agreement and do not sign anything that you don’t understand – and don’t take the nursing home’s word for it. Get guidance from a qualified Elder Law Attorney.
- Reverse Mortgage: When savings and income are not enough to cover the entire bill for long-term care, reverse mortgages are becoming an increasingly popular option. Homeowners can draw on the equity in their home, and not have to worry about the loan coming due as long as they reside in the home. It is not a good choice for those who want to pass their homes on to their heirs.
- Medicaid: This is the most popular option for the American middle class and contrary to popular belief, you do not have to impoverish yourself or your family in order to qualify. Depending on their income and assets, your loved one may be able to qualify for Medicaid.
Be sure to contact our office as soon as possible, the earlier you start planning the more you can preserve!
You Don’t Have to Do This Alone
Our experienced attorneys can guide you through the entire process and be your family’s trusted advocate, helping your loved one find the right nursing home, get the very best care there, and pay for it all without going broke. But timing is everything, so don’t delay in taking the first step.
