Paying for Nursing Home Care
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Paying for Nursing Home Care

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Nursing home care can be expensive, and most of us don't plan ahead to pay for long-term care. Learn your options for paying for nursing home care.

Nursing home care can be expensive, and most of us don't plan ahead to pay for long-term care. Learn your options for paying for nursing home care.

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Paying for Nursing Home Care Paying for Nursing Home Care Presentation Transcript

  • Paying for Nursing Home Care
  • High Costs and Growing Need
    • U.S. government estimates average annual cost $70,000 or $6,000 per month
    • On average, spend about 2.5 years in a nursing home
    • Many can stay for a decade or more
  • Options: Private Funds or Federal Dollars
    • Most funds come from private sources
      • Long term care insurance
      • Stock market investments
      • Selling a home
      • Retirement portfolios
    • Health insurance doesn’t cover as much as most think
    • Private insurance and Medicare account for 3%
    • Medicare pays 100% for 20 days, co-pay up to 100 days
    • Medicaid can help, but only if financial necessity established
    • Key criteria:
      • Medical need (great)
      • Financial assets (none)
      • Annual income (little)
    • Visit Medicaid’s website:
    • http://www.cms.hhs.gov/MedicaidGenInfo/
  • Long-Term Care Insurance: A Great Option
    • Medicaid won’t cover everything
    • Health insurance that covers nursing home, skilled nursing, assisted living, or in-home care costs for those over 65
    • Pay a little now or a lot later
  • What should you choose?
    • No option is perfect
    • If you’re in dire financial straits, Medicaid is a good option
    • If you’re under 65, opt for long-term care insurance
    • If you’re in-between financially, choose a combination
  • SeniorHomes.com
    • SeniorHomes.com is a resource for seniors and families searching for housing and care services
    • Visit http://www.seniorhomes.com for more information on senior housing
    • Information in this presentation provided by senior finance expert Brian O’Connell