No one wants to go into a nursing home, but at some point you may find that you require this type of care. Just the same, you may realize that an elderly parent is no longer able to care for themselves at home. In this case, it’s up to you to step in and provide all the assistance they require, which may mean finding a nursing home.
While there are many questions about nursing home care, how to pay for this expense is often at the top of the list.
It goes without saying that nursing home care can be expensive, especially in the event of an extended stay. This is why it’s important to plan for this potential expense as far in advance as possible.
Here are several of the best ways to pay for nursing home care:
- Long-term care insurance. If you purchase this when you’re young, you’ll have it at your disposal should you need it in the future. When buying long-term care insurance, make sure you understand what is and isn’t covered. No two policies are the same, so review the terms, conditions and exclusions before signing on the dotted line.
- Medicaid. If you’re eligible for Medicaid, it’s one of the better ways to pay for nursing home care. Since most nursing homes accept Medicaid payment, you may be able to use this to obtain the care you require.
- Personal resources. It’s not what most people want to do, but if you require nursing home care it could be your only option. Personal resources can include everything from cash in savings accounts to retirement plans.
You hope that you and/or your parents never require nursing home care, but you can’t assume this will be the case.
When you’re young and healthy, you should think about how you’d pay for nursing home care should it be necessary in the future. Furthermore, remember this: People in all age groups require nursing home care, so don’t assume you have time to figure this out down the line.
Long-term care planning should come into play when creating an estate plan. Once you have this in order, you’ll feel better about any type of care you may need.