Nursing Home Cost: Insurance, Medicaid, Medicare, and Other Options
In this section of A Time to Care: A Guide to Nursing Home Care, Greenville nursing home neglect attorney Andy Arnold discusses financial considerations for nursing home costs. As you will see below, although Medicaid and Medicare may help, they cannot be relied on to help everyone. People with the foresight to purchase nursing home insurance may have their long-term care covered, but others have to rely on other methods to pay for the nursing home.
Financial Considerations
Who is going to pay for all of this? Good question.
First, you can expect to pay between $3000 and $6000 a month for nursing home care. Medicare and Medicaid may pay for some of it. But, Medicare usually only covers nursing home admissions that follow a hospital stay, and then are limited to 60 days. Some Medicare supplemental insurance plans ("Medigap") cover nursing home care, but only when that care is covered by Medicare.
Medicaid is a state and federal program that pay only for people with limited income and assets. Medicaid is the primary payer for about 7 out of 10 nursing home residents. If Grandma owns a house, then Medicaid is probably not an option. And before you think about just getting rid of the house and giving the money to the grandchildren, there are a host of legal issues. Do not do this without talking to an attorney.
It is entirely possible, that Grandma's savings might need to be used to pay for some or all of her care. Also, it is possible to get a "reverse mortgage" which gives a homeowner regular monthly income up to the equity of the home.
Long-term care insurance is relatively new. The National Association of Insurance Commissioners (NAIC) has a free publication called "A Shopper's Guide to Long-Term Care Insurance." Also, Medicare has a publication, Guide to Health Insurance for People with Medicare, which can be obtained by calling 1-800-MEDICARE. Although it will not help much now, for those who can plan many years in advance can really make things easier on themselves and their loved ones. So, after you figure out how to pay for Grandma's nursing home care, check into long-term care insurance so that your children will not be faced with some heart-wrenching choices.
South Carolina Residents Can Rely on Attorney Andy Arnold
After being moved by his first nursing home neglect case, Greenville personal injury attorney Andy Arnold has become an advocate against nursing home abuse and wants to share his knowledge with all residents in South Carolina and beyond who have to deal with the decision of putting a parent in long-term care. With the high cost of nursing homes and the minimal help from Medicaid, Medicare, and some insurance, it is important to plan for your own long-term care after helping your own parent. If you fear that your loved one is suffering from nursing home neglect or abuse, contact the Greenville SC Law Office of W. Andrew Arnold for a free initial consultation.
