Paying for Long Term Care
Those who require long term care at a nursing home have a few options. If you have assets including cash, retirement funds, or real property or long-term care insurance, the nursing homes will expect you to utilize these to pay for your stay.
Medicare may cover the cost of prescriptions and doctor visits, but not room, meals, and other activities that require the help of a nursing professional. For a complete guide on what Medicare will cover, click on the image to the left and visit Medicare’s long-term care website.
As far as nursing homes and your finances and what they can take, no facility, no matter the type, can tap into your assets or cash without your permission. However, if you don’t have the ability to pay, your stay will only last as long as your Medicare and private insurance will cover.
It's wise for every individual to prepare for some sort of long-term care. You can do this by enrolling in a long-term care program offered by your employer or buying a long-term care policy on your own. Finally, if you have a personal financial advisor, they too can help you arrange for long-term care.
Image Credit: Screenshot of Medicare Long-Term Chart / US Government