Medicare, Medicaid, veterans benefits and Social Security benefits can help older people and their families pay for care in a nursing home if they don't have money. Some families are concerned about their ability to afford this level of care, as the costs of caring for older people continue to rise. Fortunately, there are several payment methods that can help ensure that your loved one gets the care they need. In addition, you can explore other care options for older people that may better meet their needs and are often less expensive than a nursing home.If you don't have money, Medicaid is the main payer for nursing home care, as long as you meet the eligibility criteria.
Protect your home and life savings from nursing home costs while getting the benefits you need to pay for care. The initial consultation provides an opportunity to help you understand if you are currently eligible for Medicaid. It also allows us to better understand how we can help you plan to protect your home and lifetime savings from nursing home costs while providing you with the benefits you need to pay for care. One of the best ways to protect your nursing home assets is to put them in a Medicaid asset protection trust. Some older people who need to pay for a nursing home when they run out of money will sell their home to finance their health care and save money on homeownership costs.
When an older person applies for Medicaid nursing home coverage, representatives will analyze their medical needs, income, assets, and five-year spending history to determine if they are eligible for the program. If you've applied for Medicaid but haven't yet been approved or rejected, you have pending Medicaid status, which means you can start getting care right away in some nursing homes and caregivers. VA pension funds can be used in any way the beneficiary chooses, but help and assistance benefits are intended to help pay for long-term care services and supports provided at home or in a community for the elderly, such as a nursing home. The Department of Veterans Affairs (VA) offers a combination of VA benefits to help eligible veterans and their families afford care in a nursing home. Older adults may stay in a nursing home for a short time, for example, to finish recovering after a hospital stay.
For people who qualify, Medicaid pays for 100% of the care they receive at a Medicaid certified nursing facility, but many people will need to contribute most of their income to the cost of care. In addition to private funding, long-term care insurance, Medicaid, Medicare, veterans benefits and Social Security benefits can be used to help pay for nursing home costs. Seniors can use their Social Security benefits to help pay for nursing home costs, although they are unlikely to cover the full amount. You may be eligible for care in a Medicaid nursing home even if you weren't previously eligible for other Medicaid services.
Social Security benefits are deposited directly into the beneficiary's bank account, so they can use that money to cover care in a nursing home or any other care need. Only nursing homes that are licensed and certified as a Medicaid nursing facility (NF) can accept Medicaid patients.
