How can you pay for nursing home expenses?
Since insurance does not cover nursing home care in most situations, it can be difficult to know how you can pay for nursing home expenses. Long-term care insurance policies can be very expensive and their coverage can be somewhat restrictive. If you don’t have a long term care policy and neither Medicare nor any other insurance you have will cover care, you may have to pay privately. This can cost more than $100,000 a year. Your only other alternative could be trying to get Medicaid to pay for care. However, Medicaid will only pay if you have limited assets because people with too many resources are disqualified from getting covered. You’ll either have to spend your money on nursing home care until you have reduced your countable assets to the point below which you can get Medicaid to cover your care or you will need to make a Medicaid plan to try to protect as many of your assets as possible in order to get Medicaid to cover you.