Planning for future nursing home care is not unlike planning for college. You should start saving well ahead of time, and have a plan in place. A long-term care insurance plan, such as Medigap, or a plan provided by your employer can really help offset the costs of living in a nursing home. Usually these plans have to be in place before any kind of event that would send someone to a nursing home, and is impossible to attain once a serious accident, or health problem has occurred. This needs to be considered, as the price of a private room in 2012 was estimated to be as much as $248 a day.
Check to see if Medicare will help cover the costs of sending your loved one to a nursing home. Medicaid provides coverage for short-term, or rehabilitation stays, but does not cover long-term care. In fact, Medicare will only cover up to the first 100 days of care, so keep that in mind when the need for a nursing home arises.
Medicaid can be a better option for some of those who don’t have the funds to provide nursing home care for a loved one. However, there are several different qualifications for Medicaid, as the program is meant to benefit those who truly need it. Make sure you qualify before seeking Medicaid assistance.
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