Even though it’s difficult to think about, there may come a point in your future when you need to spend time in a nursing home. And for that reason, you need to prepare as far in advance as possible. By doing so, you’ll give yourself peace of mind.
It’s important to have a clear idea of how you intend on paying for nursing home care. This allows you to plan accordingly. Generally speaking, there are three options to consider:
- Medicaid: If you qualify for Medicaid, it’s often the best way to pay for nursing home care. However, keep in mind that there are eligibility requirements tied to your personal resources. So, to qualify, you may need to take a variety of Medicaid planning steps before you actually require care.
- Long-term care insurance: This type of insurance coverage is designed to pay for many types of nursing home and long-term care services. When buying a policy, pay close attention to the type of care it covers. One policy may cover every type of long-term care, while another is only good for stays in a nursing home. Also, there are typically limits on coverage, so keep these in mind.
- Personal assets: It’s not ideal, but there may come a point when you realize that personal resources are the best way to pay for nursing home care. This can include everything from money in your bank and retirement accounts to your home.
What about Medicare?
Many people are under the impression that Medicare pays for nursing home care, but that’s a myth. While it may cover some short-term expenses, don’t rely on it for a long stay in a nursing facility. It won’t cover you.
There is no right or wrong way to pay for nursing home care, but it’s nice to know that you have several options available to you.
By planning in advance, you can make a decision as to how you’ll pay for nursing home care should the time come. When doing so, consider all your options, but focus most on those that allow you to get the care you need at the most affordable price possible.