How to Pay for Nursing Home Care

Many individuals and families are concerned about how to pay for the cost of nursing home care or other forms of long term care (LTC), including assisted living and in-home care. The costs of all forms of LTC are rising every year.

There are essentially 3 ways to cover the cost of care: private pay, Long Term Care Insurance, and Medicaid. Most people don't have the means to private pay the cost of an extended stay in a nursing home simply because the cost is typically between $6,000 and $10,000 per month.

Many people don't apply for long term care insurance or cannot qualify for the insurance, so they have no other choice than to private pay. Even when the insurance is available, it many times does not cover enough of the cost or is not available for a long enough period of time.

Medicaid requires a significant knowledge of the rules and regulations and there are significant restrictions on the ability to qualify.

Therefore, planning in advance to use two or three of these options is usually the best option. Regardless of what option is chosen, planning in advance for them will allow you to be best prepared for preserving assets and ensuring that you and your loved ones receive the best care possible.

If you have any questions or need more information on planning options, please contact our office to set a meeting with one of our attorneys. You can call 419-872-7670 or visit our website at www.chamberlain-law.net