Nursing home costs are getting higher and making nursing home payments can sometimes be stressful, both emotionally and fiscally. Is the best care possible for your loved one within your means? The points below look at some critical points on paying for nursing home expenditures.
Some health plans will reimburse nursing home costs if the nursing home is on the approved list. Verify with your loved one’s health care plan to ascertain if their nursing home is on the approved list.
Some policies known as long-term care insurance plans will reimburse some or all nursing home costs. These are private plans with varying levels of costs and benefits. Contact The National Association of Insurance Commissioners for more information on long-term care insurance. Ask for a copy of their free publication, “A Shopper’s Guide to Long-Term Care Insurance.”
Certain nursing home costs will be reimbursed by Medicare under certain conditions. Medicare recipients must enter a Medicare certified nursing home after staying in the hospital at least three days. For more information about Medicare’s guidelines, contact the State Health Insurance Assistance Program or Medicare Fiscal Intermediary in your state. Check Medicare’s website at www.medicare.gov. Request a copy of Medicare’s “Guide to Health Insurance for People with Medicare”.
Many nursing home residents and their families pay nursing home costs from personal savings. Once a resident has spent their savings and assets to pay for nursing home care, residents usually become eligible for Medicaid.
Medicaid is a program for people with low income and limited assets. Medicaid will pay most nursing home costs for those who qualify and live in a Medicaid certified facility. Every state has different qualifications for Medicaid, so contact the State Health Insurance Assistance Program or Medicaid office in your state. For contact information, check the Department Health and Human Services website.
Medigap, private Medicare Supplemental Insurance, pays for gaps in insurance, like deductibles, not covered by Medicare. Medigap plans usually pay for nursing care, but only in a Medicare approved nursing home.
Government assistance programs can also pay nursing home costs. Schedule an appointment with your loved one’s skilled nursing home administrator. They will know of any government programs that help with nursing home costs.
