My children can’t afford to pay for a nursing home for me. Is there anything I can do to prepare for the inevitable?

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You are taking an intelligent, practical approach to what, without such planning, could gobble up all of your children’s savings. Fortunately, because you are taking steps early, you can prevent the financial wipeout.

Let’s take a look at sources of paying for nursing home care, as detailed on the HealthDay website.

Medicare and Medicaid

The extent to which Medicare and Medicaid contribute to nursing home expenses varies from state to state. Although Medicare usually pays the expenses of a nursing home for 20 days after a hospital stay, it doesn’t cover long-term care in a nursing home.

The state-funded Medicaid programs pay for long-term care once you prove that you have spent most of your income on nursing home expenses. For this reason, many elderly people transfer their assets to loved ones before looking into long-term care.

Long-Term Care Insurance

If you don’t already have long-term care insurance, get it! This is how many families pay nursing home expenses. Your considerations will be

  • the type of coverage for which you are eligible;
  • length of the eligibility period;
  • out-of-pocket expense versus higher premiums;
  • coverage for dementia; and
  • coverage for alternatives to nursing home care, such as assistive living or home care.

Has Your Loved One Been Injured In A Nursing Home?

If you believe your loved one is being subjected to nursing home abuse you need to speak with an experienced Kentucky nursing home neglect attorney as soon as possible. Contact us online or call our office directly at 888.450.4456 to schedule a free consultation.