There may come a point in your life when you need to help one or both your parents find a nursing home. This is never easy to do, but you realize it's the right decision.
As you begin your search, it's natural for money to be on your mind. You're likely to have questions about the best way for your parent to pay for nursing home care. By thinking about this up front, it's easier to settle on a payment strategy that works for all parties involved.
Many people assume that Medicare pays for nursing home care, but this isn't exactly the case. This program covers care for up to 100 days, but after that, your parent needs to look into other options.
Medicaid is once such option, as it's designed to pay for nursing home care over the long run. The only issue with this is that not everyone qualifies. Furthermore, your parent may have to pay down some of their personal funds in order to qualify, which is not something most people want to do.
If your parent has a long-term care insurance policy, it's a good idea to understand exactly how it applies to nursing home care. You can do this by reviewing the terms and conditions of the policy.
While long-term care insurance may not pay for all nursing home care expenses, these policies are designed specifically to lower out-of-pocket costs.
Long-term care insurance should be purchased in advance of needing it, which typically means paying for coverage long before it's actually required.
It's not something anyone wants to do, but paying for nursing home care with personal assets is common. This can include everything from cash in the bank to retirement accounts to stocks and bonds.
Along with this, adult children often step in to help cover the cost of nursing home care.
As you learn more about nursing home care, pay close attention to the cost of each facility. This will help you better understand how and if your parent can afford it.
As you collect knowledge and compare options, you're in a better position to work closely with your parent on nursing home planning, Medicaid preparation and other elder law details.