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Paying for Nursing Home Care 

Nursing home care can be expensive, and most of us don't plan ahead to pay for long-term care. Learn about your options for paying for nursing home care.

 

 
 
Tags:  nursing home care  paying for nursing home care  long term care financing 
Views:  372
Published:  June 18, 2010
 
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Slide 1: Paying for Nursing Home Care
Slide 2: High Costs and Growing Need • U.S. government estimates average annual cost $70,000 or $6,000 per month • On average, spend about 2.5 years in a nursing home • Many can stay for a decade or more
Slide 3: Options: Private Funds or Federal Dollars • Most funds come from private sources ▫ Long term care insurance ▫ Stock market investments ▫ Selling a home ▫ Retirement portfolios • Health insurance doesn’t cover as much as most think • Private insurance and Medicare account for 3% • Medicare pays 100% for 20 days, co-pay up to 100 days • Medicaid can help, but only if financial necessity established • Key criteria: ▫ Medical need (great) ▫ Financial assets (none) ▫ Annual income (little) • Visit Medicaid’s website: http://www.cms.hhs.gov/MedicaidGenInfo/
Slide 4: Long-Term Care Insurance: A Great Option • Medicaid won’t cover everything • Health insurance that covers nursing home, skilled nursing, assisted living, or in-home care costs for those over 65 • Pay a little now or a lot later
Slide 5: What should you choose? • No option is perfect • If you’re in dire financial straits, Medicaid is a good option • If you’re under 65, opt for long-term care insurance • If you’re in-between financially, choose a combination
Slide 6: SeniorHomes.com • SeniorHomes.com is a resource for seniors and families searching for housing and care services • Visit http://www.seniorhomes.com for more information on senior housing • Information in this presentation provided by senior finance expert Brian O’Connell

   
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