Paying for Nursing Home Costs

There are many things that you can do to alleviate the debt caused by the expenses of a nursing home. The ideal measure to deal with this problem is to have long-term care insurance. Medigap and health insurance provided by your employer can greatly help with the cost of long-term care. However, if you or your family member need nursing care and don’t have an insurance plan, there are some options to help with the financial strain.

Nursing Home Costs Continue to Rise

Nursing home expenses have continued to increase throughout the years. A survey done by Metlife found that in 2012 the average cost for a private room was $248, or more than $90,500 per year. A semi-private was an average of $222 daily or more than $81,000 yearly. The average nursing home stay is more than two years. However, Medicare only covers the first 100 days of care. Medicare does not cover long-term care. It does however, offer up to 35 hours per week of home health services for up to 60 days at a time if the individual chooses to live at home rather than a nursing home.

So how do you apply for Medicaid?

Well if an individual lacks money to cover the costs of a nursing home and his/her assets are less than $2,000 cash, or if married, the spouse staying at home may have up to $115,920. Before applying for Medicaid, it is also imperative for seniors to consider the fate of their property. Federal law states that homes are not part of the assets considered for Medicare but the government will take them away if the owner dies while receiving Medicaid nursing home benefits. In response to this issue, homeowners trying to receive benefits can set up an asset-protection trust before applying or they can transfer the property to a loved one. However, this is not a simple task and it is highly suggested to hire an attorney for this procedure.

If you would like more information about paying for Nursing homes or choosing the right one for you or your loved one, feel free to download a free copy of A family’s Guide to Choosing the Right Virginia Nursing Home for Your Loved One or Contact Ben Glass. 

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