• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Our Firm
    • About Our Firm
    • Attorney and Staff Profiles
    • Speaker Connection
  • Services
    • Asset Protection & Business Planning
    • Elder Law & Medicaid Services
    • Estate Planning Services
    • Financial Planning Assistance
    • Incapacity Planning
    • IRA & Retirement Planning
    • Legacy Planning
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Wills & Trusts
  • Elder Law
    • Coping with Alzheimer’s
    • Guardianship and Conservatorship
    • Medicaid Crisis Planning
    • Medicaid Planning
  • Seminars
  • Webinars
  • Resources
    • Communities We Serve
      • Keller, Texas
    • Elder Law Resources
      • Elder Law & Medicaid Definitions
      • Elder Law Reports
    • Estate Planning Resources
      • 3 Reasons to Create a Trust
      • Estate and Gift Tax Figures
      • Estate Planning Articles
      • Estate Planning Definitions
      • Estate Planning Reports
        • Advanced Estate Planning
        • Basic Estate Planning
        • Estate Planning for Niches
        • Trust Administration
      • Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
    • Free Consultation
    • Free Estate Planning Seminars
    • Frequently Asked Questions
      • Estate Planning
      • Trust Administration & Probate
    • Newsletters
    • Our Client Care Program
    • Pre Consultation Form
    • Professional Resources
      • Educational Alerts
  • Reviews
    • Our Reviews
    • Review Us
  • Contact Us
  • Blog

McGee Law Firm

Your Resource for Estate Planning, Elder Law and Medicaid / VA Planning

Call Us Today 817-899-3286
  • Facebook
  • Instagram
  • LinkedIn
  • YouTube
Attend a Free Seminar
Home / Nursing Home / How to Pay for Nursing Home Care

How to Pay for Nursing Home Care

November 7, 2020 by Brandon McGee

How Will You Age in Place and Be Able to Die at HomeChoosing 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.

  • Author
  • Recent Posts
Brandon McGee
Brandon McGee
Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.
Brandon McGee
Latest posts by Brandon McGee (see all)
  • The Not-So Transparent Corporate Transparency Act - March 28, 2023
  • Medicaid Planning: There’s a Right Way and a Wrong Way - March 23, 2023
  • Preparing Your Estate Plan: What You Need to Know - March 22, 2023

Filed Under: Nursing Home

About Brandon McGee

Brandon McGee enjoys a successful law practice focusing on estate planning, elder law, Medicaid preplanning and crisis planning, and probate. Brandon and his team combine legal skills with compassion and understanding to develop estate plans that are personalized to the needs of each of their clients.

Primary Sidebar

Blog Subscription

Sign up for our estate planning blog to receive all of our latest news and updates!

  • This field is for validation purposes and should be left unchanged.

Follow us

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

TESTIMONIALS

Client Review
May 25, 2021
    

Brandon McGee is knowledgeable, experienced and professional regarding Estate Planning. The entire process of multiple meetings to establish our input, draft and sign documents and fund the Trust were well organized and clearly explained. At completion, we were presented with a very well organized binder with the documents (both paper and electronic) and lists for future action.  In short, we find Brandon McGee and his staff to be competent, professional and friendly. ~ Brian C.

default image
Brian C.

Fort Worth Address

Fort Worth
810 W. 10th Street
Fort Worth, TX 76102
United States (US)
Phone: (817) 899-3286
See Larger mapGet Directions

Fort Worth Map

map

Southlake Address

Southlake
101 River Oaks Dr., Ste. 110
Southlake, Texas 76092
United States (US)
Phone: (817) 899-3286
See Larger mapGet Directions

Footer

  • Advantages of Working With our Firm
  • About the American Academy
  • Disclaimer
  • Sitemap
  • Contact Us

Connect to Us

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube
footer logo

© 2023 McGee Law Firm
All Rights Reserved