Paying For a Nursing Home

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If it is no longer possible for your elderly loved one to receive care at home, it might be time for a nursing home. Many people hesitate when considering this option, but it is oftentimes the right one. Some elderly people need more advanced care than their family members can provide. This advanced care can be found in nursing homes. But choosing a home can be a complex process. It is hard to tell which home will be right for your loved one. Plus, there are many factors that need to be considered. One important factor is your family’s budget and paying for a home. Of course you want to find the best care for your loved one, but you also want to make sure that it is affordable. Here, I will discuss payment options for nursing homes. This can help your family make the right decision when it comes to a home.

Medicare

Medicare and Medicaid are two ways that your loved one may be able to pay for a nursing home. These are government programs available to those who are elderly or disabled in the United States. They are run through the Centers for Medicare and Medicaid (CMS).

Medicare is a program available to those who meet one of the following criteria:

  • You are a citizen of the United States and you are over the age of 65.
  • You are a citizen of the United States and you are under the age of 65, but you have Social Security Disability Insurance (SSDI).
  • You are a citizen of the United States and you are under the age of 65, but you have been diagnosed with End Stage Renal Disease (ESRD).

There are also different types of medicare that a person may use. There are four types of medicare – Part A, Part B, Part C, and Part D. Part A covers a person’s hospital care. Part B covers hospital care, outpatient services, and doctor services. Part C covers everything in Parts A and B as well as drug prescriptions and other services. Part D covers prescription drugs.

Keep in mind that different plans require different payments. Some have no premiums, such as Part A. Others are considered additions to Part A, or the original Medicare plan, so they require monthly payments. Medicare also generally does not pay for long term stays in nursing homes, but it will assist with other medical bills to make this process easier for your family.

Medicaid

Medicaid differs from Medicare in that is meant to help those who have limited income. Medicaid differs from state to state because it is run through a federal government partnership with individual states. In most cases, a person is eligible for Medicare when they are eligible for Supplemental Security Income (SSI).

Many nursing homes will accept payment from Medicaid. But, sometimes states have higher income limits for those who live in nursing homes. Even if your loved one does not currently use Medicaid, it can be useful to find a home that accepts Medicaid payments. This might be relevant for your family in the future.

Private Insurance

Another common way that people pay for nursing homes is through private insurance. It is best if your loved one has long term care insurance, since this can help to pay for skilled nursing care. Long term care insurance can cover a range of services, from nursing homes, to home health aides, to assisted living. If your loved one has as long term care policy, you should review it to see what they are eligible for.

Paying For a Home

Deciding how to pay for a home can be a personal decision that should be carefully considered. These are a few popular options, but many times a nursing home will work with a family to find a plan that works. If you need help determining how to pay for a home, you can contact me. I am happy to help you through this process.

Free Resources for Families

Finding the right information to help your family can be overwhelming. My articles focus on the most common questions that I hear from my clients who are seeking help for an elderly loved one. Check out these articles to have your questions answered and to protect your loved one. For more information, join my newsletter or download my free guide to Connecticut nursing home abuse below. 

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