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Paying for a nursing home is a major financial burden. An average stay in a nursing home is 2.4 years. The average annual cost for a nursing home is about $60,000. In some areas it's almost $150,000 per year. So on average, you and your family will pay about $150,000. If you stay 10 years in a nursing home that costs $150,000 per year, you and your family will pay close to $1.5 million for your stay in a nursing home.
Unfortunately, I don't have a quick answer for you. Medicare might cover up to 100 days, but only if you just spent at least 3 days in a hospital. If you have Medicare Supplemental, it won't pay for any of your nursing home costs. Medicaid might cover a little, but the program isn't as flexible as it once was. The only option is private money. You and your family will have to cover the rest.
Every family's financial situation is different and everyone's credit rrating is different too. There are some of the obvious options - have your rich son or daughter pay for the nursing home, win the lottery, etc., but realistically, you will need to seek the advice of a financial planner. If you don't know of a good financial advisor / planner, ask someone at your bank.
There are some creative financing options out there, at least there were before the market crashed in 2009. For homeowners, you may want to ask about a reverse mortgage. If you have a pension that pays monthly, you may be able to convert it to a lump payout. If you run out of options with your own finances, you should contact a medicare independent agent next. It's a bit of a long shot, but he may be able to get you some relief with Medicaid. The idependent agents know how to work the system, and you can avoid a lot of mistakes with the Medicare / Medicaid system.
Medicaid is really for people that no longer have any money. For Medicaid to pay for your nursing home, you must qualify for Medicaid, and you must stay at a Medicaid qualified nursing home. My understanding is taht teh new Medicaid rules have made it less desireable for a nursing home to accept Medicaid, so there a fewer nursing homes on the Medicaid list than in the past.
If you have assets, you may not qualify for Medicaid. However, as you deplete your life savings, you should qualify. Again, seek the advice of a professional Medicare / Medicaid specialist. You need to know how everything is going to play out and the specialists can take you through the senario and make you aware of all the options for your specific situation.
Click Here for more on Avoiding Paying for Nursing Homes.
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