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.

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Paying for Nursing Home Care

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

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