Let’s face it: nursing home costs can be confusing for most people. But, trying to get a handle on these costs is worth your research so you can plan for the future.
Understanding Nursing Home Costs
First, it’s helpful to understand how a nursing home functions for the patient. A nursing home cares for people who have extreme difficulty with everyday tasks, such as dressing and feeding. It also is a safe place for seniors who have very limited mobility and various medical needs. The staff at a nursing home typically includes doctors, nurses, and support staff such as physical therapists.
Because of this wide-ranging care, nursing home costs can be very expensive. Costs may also vary from region to region, and depending on the level of care need. So, planning ahead for nursing home care can lower the sticker shock and help you determine what methods of payment can work for you.
Some families plan to pay with personal funds and proceeds from sales of homes and other assets. Other seniors enroll in long-term insurance plans with a provider, paying installments similar to car insurance. Still others need to turn to some form of help, such as Medicare and Medicaid.
Medicare is available to certain patients who are over 65 years of age. It is run by the government and asks its participants to meet certain medical and financial criteria. This service is for short-term stays, and the exact qualifications can vary depending on the type of admission and medical issues.
Seniors who require a nursing home for a longer time may be available for Medicaid. You must have very limited income and often must use all your other assets before this program is accessible. This federal and state run program covers the cost of nursing home care for a certain period determined by circumstances.
Take time now to become familiar with all the types of programs that cover nursing home costs. Ask local nursing home providers to tell you what their fees are and what services are covered. Then, if these programs are needed, your knowledge and research can go a long way.