You have avoided thinking about it, but your aging parents may soon need long-term care. Do you have a plan to pay for quality care?

U.S. News & World Report gives insight into ways to cover nursing home costs. Learn how to provide for your loved ones without spending more than necessary.

Consider assisted living 

Depending on the level of care your parents need, they could be good candidates for assisted living rather than a nursing home. Assisted living is less expensive than nursing home care, but it does not offer round-the-clock care like nursing homes. That said, assisted living could provide an affordable option if your mother or father requires only a little assistance.

Negotiate overall costs 

You could convince a nursing home to reduce its nursing care costs or its private pay rate. This could be a great way to lock in a great deal if the facility would rather not slash its current Medicare rate. You can try this with assisted living if no one is waiting for a vacancy and the facility has rooms to fill.

Apply for Medicaid

Medicaid helps supplement personal funds your parents have, but they must qualify for the state program. Check Florida’s most current requirements regarding financial eligibility and care requirements.

Look into Medicare

Another state program aimed at helping to pay for nursing home care is Medicare. Note that Medicare covers rehabilitation rather than outright long-term nursing home care. That said, you could consider Medicare if your parent needs long-term care from a home health aide while in a primary residence, but limits apply to how many weekly care hours Medicare covers.

You and your parents may have more financial resources than you realize to cover nursing home costs. Help them enjoy their golden years while you all enjoy financial peace of mind.