What are some payment options for Nursing Home Care?
How can Medicaid help pay for nursing home care?
If the person in the nursing home or your family is eligible for medicaid, the may help cover part or all of the nursing home expenses. However, not all nursing homes accept medicaid as payment. This is why it is a good idea to make sure the nursing home you choose takes medicaid and also has room for another medicaid resident or patient. In order to be eligible for medicaid, you may have to reduce some of your assets by paying for care out of pocket first. There may also be regulations about how much assets a spouse may keep if their loved one is in the nursing home. According to the 2015 regulations, the most a spouse may hold on to is $119,200 and an additional monthly income amount.
If you decide to transfer your money to another person in order to become eligible for medicaid, it is important to know that medicaid may not start paying for the nursing home care for a certain amount of time. This is usually determined by the amount of money that you gave to someone else.
Another important thing to know when using medicaid to pay for nursing home care is that they may place a lien on your home to cover the costs of paying for your care. However, the state is not allowed to do this if you might be returning to your home after being in a nursing home or if someone else is living in the home such as a spouse or other relative.
Once you are eligible for medicaid, you may have to pay out of pocket for the nursing home care and then the state will reimburse you. The amount of money you have to pay is determined by the amount of money you have each month and any other deductions you may be eligible for. You should speak to someone at a medicaid agency about applying or to see if you are eligible.
What is Long-Term Care Insurance?
Long-term care insurance is a kind of private insurance that may cover the costs of any care needed over a long period of time such as nursing care provided by a skilled nurse or nursing home or care that is not skilled. This kind of insurance might only pay for nursing home care but other policies may cover things such as day care for adults, any equipment you may need such as wheelchairs, walkers or oxygen tanks. It is important to make sure you know what your policy will or will not cover. It is also a good idea to know if you have certain restrictions because of certain types of medical problems.
Should I use my personal finances?
Another way to pay for nursing home care is to use any savings you may have or consider using your life insurance policy if you are able. These options may be costly over time.
Deciding to put your loved one in a nursing home is really hard but figuring out how to pay for that home may be even harder. You can use these resources to help you figure out how to cover the expenses. If you still have questions or suspect that your loved may be being abused or neglected while in a nursing home, you should contact one of our experienced and caring nursing home abuse lawyers with the Higgins Firm. We will listen to your case and help you receive the compensation you deserve for what you have been through.
Please contact us today online or by calling 800.705.2121 to discuss your legal options.