Choosing a nursing home is one thing, but paying for this type of care is something entirely different. As you begin your search, whether it be for yourself or a loved one, pay close attention to the financial impact of your decision.
There are many ways to pay for nursing home care, so you should consider all your options before devising a final plan. Here are some ideas to consider:
- Medicaid: If you qualify for Medicaid benefits, it’ll cover some or all of your nursing home care expenses. This is in contrast to Medicare, which provides limited long-term care coverage.
- Long-term care insurance: If you have a policy that covers nursing home care, you’re in luck. Even if it doesn’t cover it 100 percent, it’s better than nothing at all.
- Personal resources: Do you have money in the bank? Do you receive Social Security payments every month? How about an annuity? You don’t necessarily want to dip into your personal resources to pay for nursing home care, but it may be your only option.
- Reverse mortgage: When you don’t have any other options, you may need to turn to your home to pay for long-term care. This allows you to draw from the equity of your home, thus leaving it to your lender upon your passing. The only issue with this is that you won’t have this piece of real estate to pass down to your loved ones.
Which option is best? In short, there’s no right or wrong answer to this question. Some people get everything they need from Medicaid or long-term care insurance, while others have to tap into personal savings to pay for nursing home care. Do what makes the most sense for you or your loved one.
If you have any questions about nursing home care, long-term care, or a related subject, don’t hesitate to contact us for guidance. We’ll make sure you have a long-term care plan in place that you can trust.