Nursing home costs have been on the rise for more than a decade. With nursing home costs now exceeding over $7,500 a month, it is important to consider how you or your family will afford this expense. There are essentially four ways to pay for nursing home care:
- Long term care insurancehas only become popular over the last several years. It is a form of insurance that will cover a stay in a nursing home if you can no longer care for yourself. Long term care insurance can be very expensive and many people cannot afford it.
- Paying out of pocketfor nursing home care is extremely expensive. Few seniors have the funds available to pay for nursing home costs exceeding $7,500 a month.
- Medicareis the national health insurance primarily for people 65 years or older. Unfortunately, Medicare will only cover the first 100 days in a nursing home and is primarily for short term stays if you meet strict rules for qualification.
- Medicaidis the federal and state medical benefit program that will cover the cost of a nursing home stay. In order to qualify for Medicaid, certain qualifications must be met for income and assets.