How Seniors Can Make a Nursing Home an Affordable Option

Advancing in age is inevitable, and in due time, going into a nursing home. When the time comes, it seems like the most common step to take, and while culture change, new friends, and adapting to the new home might be something to look forward to, the cost is almost always forgotten about. The homes for senior citizens are a tad bit expensive due to the amount of care they receive.

From 24-hour care to at-hand nurses and medics, there is nothing to lack in these establishments. Whether the stay is short or long term, the financial dent can be sizeable. Families and individuals with a senior citizen often find the cost of a nursing facility an uphill task, which does not have to be the case all the time. However, there are various options to getting an affordable way to live in a nursing home. Depending on your financial situation, there are methods you can consider. Here is how.For Short Stays Consider Medicare

Medicare is one of the biggest medical plans that senior people rely on. It is an affordable way to go when thinking of nursing institution fees. No matter the policy or plan you are subscribed to, basic benefits in a nursing facility are part of it.

Medicare has a section, though short, that can help cover your expenses for a short stay. Moving in permanently is not part of the package, so you might want to find another option with that one. If your recovery from an illness requires you to moving into a nursing facility for a short while, then Medicare will come in and save you some.

There is a catch, however, as the cover only caters to skilled nursing care expenses. In order to qualify for that, you need to tick the following boxes:

  • Have subscribed to Medicare Part A
  • Stayed in a hospital for the illness
  • Have stayed at a facility certified by Medicare.
  • Needing the care because of an illness that had you in hospital.
  • A recommendation from a doctor to receive daily skilled care

If you tick these boxes, you just might be able to cover the fees for your stay in a nursing facility

Get Yourself Some Medicaid

Living on a small income means you have limited access to many things including a good nursing institution. However, applying for Medicaid could be the saving grace. With special coverage for low-income people working at the state and federal level. Check with your local Medicaid office or representative to see if you qualify for it. You don’t have to be afraid to apply because Medicaid has supported and continues to support seniors. In fact, states that Medicaid is the program that many seniors, between 45 and 65 percent, use to pay for nursing facility costs in America. To qualify for Medicaid, you first need to ensure that your income and assets have been assessed to determine your net worth.

One thing to note is that once you meet all their requirements, then most or all of your costs at a certified facility will be covered.

This is one of the best covers to be on and with a plan that covers either short- or long-term stay, your mind can rest. You can focus on going into the nursing institution and recovering.

What About Your Veteran Benefits?

Serving in the military is one of the proudest acts many people do in their lives. With the end of the service comes with some benefits, some that you could use to cover your expenses at a nursing facility.

If you want to know about the process, drop by the Department of Veteran Affairs. If the illness or injury is as a result of something that happened in the service, the benefits can cover every fee required.

Your benefits could differ from those of another veteran in another state. Before you assume you could get the same benefits as your friend in Ohio, talk to your local department to find out what yours entail and how you can take advantage of them.

This is another great option you can use to make short- and long-term care affordable.

What About Long-Term Insurance?

Many people do not have long-term insurance, but in case you are considering moving into a nursing facility at some point in your life, then buy into some. If you have long-term insurance, then moving into a nursing institution should not be hindered by finances.

In long-term insurance, you have to pay a monthly premium and the insurance company will take care of everything from there. As explained by, sometimes, a trigger event in life happens that makes the insurance step in. This could include anything from a fall that causes broken bones to a stroke or a heart attack.

From the point of the incident, the insurance company is supposed to start sending out payouts to cover the medical costs of recovery including the cost of a nursing facility. Depending on the plan or company you select, you can cover all or part of your cost.

It is never too late to start

Time flies so quickly that nursing homes become more and more of an option. Many people don’t plan until it’s too late, which is can cause quite a headache later. However, without the proper plan, you can hit a financial wall that could be hard to come out of, especially because it’s something you have to keep doing frequently. Before the time comes to make the big decision, look at what options are available and find one that suits your financial situation.

The last thing you want is inaccessibility to a care home because your money ran short. Based on their list above, there are some options you can consider to help manage your money. Any one of these or a combination of the options can come in handy for you and your family. Consider each, research into them, and select the one that suits you right.