What are the options to pay for Nursing Home Care?
Your options for paying for nursing home care fall into four main categories.
Paying for nursing home care can be expensive. There are four different options available to pay for nursing home care.
Long-Term Care Insurance: Long-term care insurance is gaining popularity as a means of paying for nursing home care. It has a number of advantages. For example, many long-term policies pay for services like home health care, instead of limiting coverage to nursing homes or other extended care facilities. However, in order to qualify for long-term care insurance, you have to be healthy. And even if you plan far in advance and purchase a policy while you are relatively young, premiums can be expensive. This may be why there are still relatively few people - currently about 8 million Americans - who have long-term care insurance.
Medicare: Many people assume that Medicare will pay for nursing home care. The truth is, Medicare provides very limited long-term care coverage; up to 100 days of "skilled nursing" care per "spell of illness." Because of the way these terms are defined, many Medicare recipients who need nursing home care receive fewer than 100 days of Medicare coverage.
Self-Pay: Unfortunately, this is the way many people fund their nursing home care, at least at first. They pay out-of-pocket until their savings are depleted, then they apply for Medicaid.
Medicaid: With the costs of nursing home care too high for most people to fund on their own, Medicaid has become the default long-term care insurance plan for the middle class. The Medicaid program provides healthcare coverage for certain groups of people (including those over age 65) who have restricted incomes and resources. The federal government provides partial funding for the program and it sets the overall Medicaid guidelines. Each state interprets and applies the guidelines for its own residents, meaning that the exact criteria you must meet to qualify for Medicaid can vary from one state to the next.
As you can see above, there are many different options to consider for long-term health care financial planning. It is recommended that you work with a qualified financial advisor, who specializes in this field, in order to create the best plan for your situation.
A financial advisor can review your current financial situation and provide you with a long-term care financial plan that will anticipate these expenses, while also protecting your hard earned assets for retirement. A well thought out long-term financial care plan will provide you with the "peace-of-mind" you are looking for now and take care of you in the future!
If you would like to learn more, then contact Premier Wealth Advisors, Inc. at (818) 888-4646 or firstname.lastname@example.org to schedule a Free Consultation to review your financial situation. www.premierwealthcoach.com