Nursing home costs are high and paying for a nursing home is sometimes difficult, both emotionally and financially. Can you afford the best care for your loved one? The following highlights important information on paying for nursing home costs.
- Health Plans - Some health plans pay nursing home costs if the nursing home is an approved facility. Check with your loved one's health plan to know if their nursing home is covered.
- Long-Term Care Insurance - Long-term care plans will pay some or all nursing home costs. They are private policies with varying degrees of benefits and costs. Contact The National Association of Insurance Commissioners at www.naic.org for more information on long-term care insurance. Request a copy of their free guide, "A Shopper's Guide to Long-Term Care Insurance".
- Medicare - Medicare will pay some nursing home costs under certain conditions. Medicare beneficiaries must go to a Medicare certified nursing home after a hospital stay of 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".
- Personal Savings - Many 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 - 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 at www.cms.hhs.gov/home/medicaid.asp.
- Medigap - 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. www.medicare.gov/medigap.default.asp.
- Government Assistance Programs - Government assistance programs can also pay nursing home costs. Schedule an appointment with your loved one's nursing home administrator. They will know of any government programs that help with nursing home costs.