|
| |
| |
How
To Pay For Nursing Home Care
One of the things that concerns people most
about nursing home care is how to pay for that care. There are
basically four ways that you can pay the cost of a nursing home:
1. LONG TERM CARE INSURANCE: If you are fortunate enough to have this type of coverage, it may go a long way toward paying the
cost of the nursing home. Unfortunately, long term care insurance has
only started to become popular in the past few years and most people
facing a nursing home stay do not have this coverage.
2. PAY WITH YOUR OWN FUNDS: This is the method many people are required to use at first. Quite simply, it means paying for the
costs of a nursing home out of your own pocket. Unfortunately, with
nursing home bills averaging between $6,000-$8,000 per month in our area, few
people can afford a long term stay in a nursing home.
3. MEDICARE: This is the national health insurance program primarily for people 65 years of age or older, certain younger
disabled people, and people with kidney failure. Medicare provides
short term assistance with nursing home costs, but only if you meet
the strict qualification rules.
4. MEDICAID: This is a federal and state funded and state administered medical benefit program which can pay for the cost of the
nursing home if certain asset and income tests are met.
Since the first two methods of private pay (i.e. using your own funds)
and long term care insurance are self-explanatory, most people are
more concerned with the rules concerning Medicare and Medicaid. |
| |
|
|
James E. De Martino is licensed
to practice in the State of New Jersey.
Our practice is limited to estate planning, long-term care planning, and NJ Medicaid asset protection. |
|
Nursing
Home Insurance Facts
|
