Deciding to put your loved one in a nursing home is the first big decision that you have to make when you realize that your loved one can no longer take care of themselves. But once you’ve made this decision, there are many other decisions that you have to make. One such factor that you have to consider is how you and your family will pay for access to the nursing home. Nursing homes can be expensive, and many people are unable to pay out-of-pocket. Luckily, there are payment options that might be available to your family to help with the costs. You can learn more about these nursing home payment options here.
Payment Options
There are a few significant types of aid that your family can seek to help pay for a nursing home. These options include:
Medicaid
Medicaid is an excellent option for an individual who needs access to the resources of a nursing home. In order to be eligible for Medicaid, your loved one must have less than $2,000 in cash. This is because Medicaid is only offered to people who have minimal assets. If your loved one is married, their spouse must have less than $115,920 to be eligible. This monetary amount will change as the annual Social Security cap changes. If your loved one is not eligible for Medicaid, it is important that they do not give large gifts to try to become eligible. Making large gifts to other people within five years prior to applying to the program could disqualify an applicant.
Medicare
If your loved one is not qualified for Medicaid, he or she might be qualified for Medicare. Medicare will cover the cost of a person’s rehabilitation, but Medicare does not cover long-term care. However, Medicare can provide short term nursing home coverage for those who are discharged from the hospital. As long as your loved one chooses a Medicare approved home, Medicare will pay for 100 days of care in this home. Alternatively, Medicare will pay for as much as 35 hours per week of home services such as physical therapy or the help of a home health aide.
Veterans Administration Aid and Attendance
If your loved one is a veteran, they can get up to $1,733 every month to pay for nursing home care. A surviving spouse of a veteran can get as much as $1,114 per month towards home health care. A couple with one veteran can get as much as $2,054 towards care, and two veterans can get $2,676.
Private Payments
If you are interested in making private payments for your loved one’s care, talk to the nursing home. Some homes are willing to take lower payments if you pay privately. This is because these are still higher payments than if you use Medicaid to pay for care.
These are just a few of the common payment options that might be available to your family. To fully explore your options and determine the best way to pay for your loved one’s care, you should consider contacting an attorney.
