Unfortunately, many families worry about the high cost of nursing home care and are concerned about nursing home payment options. In many states, there are a variety of funding options available for those that need 24-hour care. While the assistance that you receive is based on your specific situation, there are resources that you can seek out to help you find the money that you need.
Many people consider these nursing home payment options when looking for ways to pay for nursing home or skilled nursing care:
- Medicare. While it depends on your unique circumstances, Medicare may pay for some of your nursing home costs. To learn if Medicare is one of your nursing home payment options, contact a skilled elder law attorney or financial planner in your area.
- Medicaid. Medicaid pays for nursing home costs for certain individuals with limited income. Since this program varies from state to state, you’ll need to check the eligibility criteria in your state to determine whether or not you qualify for Medicaid funding. To learn more the requirements that must be met to receive Medicaid, you’ll need to speak with an experienced elder law attorney in your state.
- Veteran’s Benefits. If you’re a veteran who served during U.S. wartime, you may be able to receive up to $2,054 in monthly aid and attendance benefits. Spouses of deceased veterans may also be able to qualify for benefits, making veteran’s benefits a valuable nursing home payment option.
- Personal Resources. One of the most common ways to pay for nursing home costs is from your own personal resources. For many people, selling the family home or using a personal savings account can ease the financial burden associated with the high-cost of nursing home care.