Are You Trying to Find Out How to Pay for Skilled Nursing Home Care?
Nursing homes can provide skilled care that your loved one may need but because they offer services such as twenty-four care, help with medications, personal care, emergency response systems and more, the costs of staying in a nursing home can be thousands of dollars each month. So, if you are struggling to figure out how you are going to pay for a nursing home, it is important to know what resources there are.How to pay for Nursing Home Care with Personal Resources?
One of the ways you can pay for nursing home care is with your own personal resources, some of these resources might include but are not limited to:
- savings account
- trust fund
- stocks or bonds
- life insurance
- qualifying for a reverse mortgage or another type of loan
- long-term care insurance-this is private insurance that may help pay for at least five percent of nursing home expenses but may require you to pay high premiums.
If you have a limited income or have already used up all your personal resources paying for nursing home care, you may qualify for government assistance such as Medicare, Medicaid or Veterans Affairs assistance.
Medicare benefits usually do not cover costs for long-term care and is only useful if you are only needing nursing home care for a small amount of time because you have been in the hospital with a short-term illness or injury. Typically, Medicare will only pay for up to one hundred days of care. There are certain exceptions though if your loved one is in a nursing home approved by Medicare. You should check with your state and one of our attorneys with the Higgins Firm to find out more information about qualifying for Medicare.Medicaid is government assistance that helps people with a low income pay for things like nursing home care.
In order to qualify for Medicaid though you may need to greatly reduce your assets. Before you do this, it is a good idea to speak to one of our lawyers to help you to determine the best way to go about doing this. One of the ways you may be able to reduce your assets is if you start a Medicaid Asset Trust. This kind of trust allows you to transfer any of your assets into a trust so that you give up control of these assets. Any of the assets in this fund do not count toward the Medicaid income eligibility requirements. However, there may be penalties to consider before setting up this trust.
Veterans Affairs benefits are for people that are at least sixty-five and has served on active duty in the military may qualify for benefits helping you pay for nursing home care for your loved one. The U.S. Department of Veterans Affairs may even have their own nursing home that your loved one may qualify to live in. Each state has their own requirements and rules for who qualifies for what VA benefits so you should contact the U.S. Department of Veterans Affairs to learn more.
These are some of the main resources that may be available to you so that you can pay for a nursing home and make sure your loved one gets the care they need. If you think that someone you know is being abused or neglected in a nursing home, you need to speak to one of our knowledgeable and compassionate nursing home abuse and neglect lawyers at the Higgins Firm.
You can contact us online or by phone at 800.705.2121 to address any concerns you may have about your claim.