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Long-term care insurance and paying for a nursing home

When it comes to long-term care planning, there is no shortage of paths you can follow to ensure that you have enough money to deal with any expenses that come your way in the future.

For example, a long-term care insurance policy is exactly what it sounds like. It is designed to kick in should you require long-term care, such as at-home care or in a nursing home.

If you're caring for a loved one and discover they have long-term care insurance coverage, here are some of the many questions you need to answer:

  • What are the terms and conditions of the policy?
  • What are the inclusions and exclusions?
  • What is the pre-determined daily amount of how much the policy will pay for?

Once you learn more about their specific policy, you may come to find that there may be plenty of help available to you. Maybe you can hire a nurse to visit them at home when you are unable to be there. Or maybe you can look into an assisted living or nursing facility where they may receive better care.

Is a long-term care policy enough?

When purchasing a long-term care insurance policy, most people hope that it is all they will ever need in regard to paying for long-term care expenses. Unfortunately, this doesn't always hold true.

While long-term care insurance may pay for a large portion of your loved one's expenses, this policy may not be sufficient for all necessary expenses. This is where Medicaid and self-pay options come into play.

For instance, the combination of long-term care insurance and Medicaid benefits may be enough to provide your loved one with the medical assistance they require, without any need to pay out of pocket (such as via personal savings or selling a home).

If you are struggling with the idea of how you will help a loved one pay for nursing home care, consider all available options. This should definitely include any long-term care insurance coverage they have, as well as government programs, such as Medicaid, that they qualify for.

As you learn more, you may find that you don't have to place the financial burden completely on yourself. There are many ways for your loved one to obtain the financial support needed for their care, treatment and general well-being.

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