It is unfortunate, but most people do not factor the cost of nursing home care into their retirement planning. Much of the population believes that when the time comes to need nursing home services that the government will step up and take care of them. The conditions that end with the government providing for nursing home care are not ones that most people want to face. It is not hard to understand how nursing home care is paid for in the United States.
Medicare Part A will pay for some nursing home expenses.
If you become hospitalized and need rehabilitation services with therapy, Medicare Part A will pay for much of the nursing home bill for up to 100 days. The cost for the first 20 days is covered 100% by Medicare. You must stay in the hospital for at least 3 full days that pass through midnight of each day to qualify for this benefit. After 20 days, the next 80 days are covered by Medicare Part A except for the first $148.00. This amount is your responsibility.
Medicare supplements will pick up what Medicare does not pay.
A good Medicare supplement is worth every penny. As long as you are eligible for Medicare benefits, it will pay everything that Medicare Part A does not pay. This means that you can have up to 100 days of nursing home rehabilitation with no out of pocket expenses. Eighty days in the nursing home without the supplement plan will cost you nearly $12,000.
Many supplement plans cost you less than $3,000 per year.
This means that one long-term rehabilitation stay will eat up three years of premiums. Managed heath care supplements do not pay much beyond the amounts that Medicare already covers.
Medicare Part B will pay for therapy in a nursing home.
The same idea applies with Part B therapy in a nursing home. You have to pay 20% of the therapy costs. This can run into thousands of dollars. A supplement will pick up the difference. With both Part A and Part B, Medicare will only pay as long as you continue to make progress with the therapy.
Medicare always has a copay attached to it.
Never expect Medicare to take care of your nursing home bills when therapy is not involved. It was never intended to cover these costs. Medicare will not support you if you become permanently incapacitated and need long term care. The cost of the cna certificate is also included in the bill. If you are doing the nursing practice, then a search of cna certification classes near me can be made. The certificate will help you to get the required job after completion of classes.
Long term care insurance might be a good idea.
There are many long term care insurers in the market. Read the fine print. These policies vary widely on how much they pay, when they will pay, and what types of hoops that you have to leap through to get them to pay. If you can afford the insurance, it will repay you most of the time in the long run. These policies reimburse you for your nursing home costs up to a limit each month while you are in the home.
Medicaid can pay for nursing home care for the poor.
If you can exhaust your personal cash, Medicaid will step in to pay your nursing home bill. However, each month, the state determines how much of whatever income that you have must be given to the nursing home. You are allowed to have between $30 and $50 per month for personal money. The rest is used to pay for your room and board and care.
Many nursing home bills must be paid from private personal funds.
If you are lucky enough to have accumulated a decent nest egg for retirement. You will need to become private pay when you enter a nursing home. This means that you will be laying out somewhere between $3,000 and $15,000 per month for your care depending on the home and where you live in the country.
Find a top rate not-for-profit home if you can.
This home will usually cost you more per month. When your funds are exhausted, you will not be asked to leave because these homes normally have some type of fund that is built on charitable gifts to the home. These funds are used to supplement the monthly bill after your personal savings have been depleted.
This will assure that you do not have to relocate late in life when you are least able to make your own decisions. It will also mean that you have a top rate nursing home to take care of you in your final years.