Payment Options For Nursing Home Stays
If you are getting ready to help an aging loved one transition into more consistent care, you may be considering a nursing home placement. Unfortunately, nursing homes can be costly, especially for the elderly who don't have a lot of financial resources available. Before you dismiss a nursing home as out of the budget, you should explore the options available for payment.
Income-Based Rates
Some nursing homes operate on a sliding scale, which allows them to adjust the fees associated with care based on a patient's resources. If your loved one doesn't have access to any kind of insurance plan, this may be the best way to go. His or her retirement, or the funds from the sale of a house, may be enough to help cover those expenses. Don't be afraid to ask about financial aid offerings when you call a nursing home to ask about services.
Private Insurance
Most private insurance plans offer some level of coverage for nursing home care. Whether it's under a long-term care rider or the policy structure itself, your loved one's private insurance may be able to cover the costs. Sometimes they'll only cover a portion, such as 80 percent. In that case, you will have to find another method to cover the other 20 percent unless you can negotiate with the nursing home's financial aid office.
Long-Term Care Policy
If your family member has purchased a separate long-term care policy, this is exactly the type of care situation that this coverage is meant for. Ask him or her about any long-term care coverage they may have, and check the policy closely to see if it will cover nursing home stays. You may be able to get the full costs covered under a policy like this.
Medicaid
Every state offers some level of Medicaid coverage as part of the national program. The income and resource limits will vary from state to state, though. In many cases, Medicaid will cover the cost of nursing home care, though the reimbursement is typically lower than that of a standard insurance company. To get Medicaid to cover the stay, you'll have to find a nursing home that participates as a provider. If your loved one doesn't have Medicaid but is without any other insurance, contact your local Medicaid services provider, because the income and resource limits are usually different for those who are in a nursing home. They may qualify for coverage in a nursing home when they otherwise would not be eligible. You can visit sites like http://www.seniorsolutionsofli.com for more information.
