Paying For Nursing Home Care: What Are The Options?
Most older adults would prefer to remain in their own home as long as possible but there may come a point where this is no longer an option. Many people eventually end up needing some type of long-term or nursing home care. Unfortunately, when the time does come, the costs involved can create some challenges. To protect yourself and those you love, it is important to be aware of your options in paying for nursing home care and to begin making plans now.
Will You or Someone You Love Need Nursing Home Care In The Future?
While you may be reluctant to think of a nursing home, either for yourself or for an older adult loved ones, US News & World Report states that there is a 70 percent chance that someone currently aged 65 will eventually reside in this type of facility and for 20 percent of these, their stay will last five years or longer. Factors that increase the risk of eventually requiring nursing home care include:
- Not living a healthy lifestyle;
- Not regularly visiting your doctor;
- Suffering from chronic medical conditions, such as heart disease, diabetes, or arthritis;
- Suffering from accidents and injuries.
Eating a good diet, eliminating habits such as smoking, managing medical conditions, and maintaining a safe environment in your home can all help to reduce your risks. Having a solid support system, with friends or family nearby, also helps. However, despite taking precautions, you could still find yourself needing nursing home care. To ensure you are provided for properly in this situation, it is important to give some thought now on how to pay for it.
Options In Paying For Nursing Home Care
According to the New York Department of Financial Services (DFS), nursing homes in our area can cost nearly $400 per day. The same as with retirement planning, it is important to address now how you will meet this potential need. Options in paying for nursing home care include:
Relying on savings and investments: This is often the least practical or desirable option. In addition to quickly depleting your life savings, it prevents you from leaving behind anything for your heirs.
Long-term care insurance policies: There are insurance policies you can put in place now to help offset the costs of nursing home care. However, aside from the investment, these may not cover all your costs.
Veterans Administration and other benefits: Benefits you are entitled to can help offset a portion of nursing home care costs, including those provided through Medicare and the VA.
Medicaid trust: Establishing a Medicaid trust now is generally the best way to ensure you and your family are protected and future nursing home costs are covered.
Contact Us Today for Help
Rather than leaving your future to chance, Cavallo & Cavallo can help in putting plans in place to ensure your needs are met. To discuss your options, contact our Bronx & Westchester Medicaid planning and nursing home attorneys and request a consultation in our office today.