If you or a dear family member need nursing home care, figuring out how to pay for it can be problematic. To help you search for answers, below are some tips that can provide you and your New York family with much-needed information.
Paying for a nursing home stay
If your loved one needs extensive daily assistance with their living arrangements, a nursing home is often one of the few facilities with the ability to provide proper care. While many believe that if their loved one is over the age of 65, Medicare will cover the entire cost of their stay, that is unfortunately not the case. Medicare usually only covers short-term stays in total for 20 days and can make partial payments from days 20 to 100. This is why advance planning is essential.
Most families will need to pay for a significant portion of nursing home stays out of pocket. While nursing home care is expensive, there are a few different ways family members can work together to cover costs. Many families will pool resources from their or their loved one’s reserves by liquidating assets such as retirement accounts, reverse mortgages, or selling property.
Another common resource to utilize is long-term care insurance. If your loved one already has a policy, it will usually cover nursing home care costs. However, these insurance plans are typically bought years in advance and are not generally available for immediate use.
Seeking legal assistance
An estate planning attorney can often help clients with this issue. For many, it can be difficult to consider their own mortality or that of their parents. Despite these concerns, you may want to visit a knowledgeable attorney to ensure your affairs are in order. Taking the time to make these decisions now can help prevent future familial conflict and assist with meeting your or your parents’ needs during critical and emotional times.