How to Afford Nursing Home Care

Nursing home care can be expensive, costing thousands of dollars per month. For many families, this cost can be a major financial burden. However, there are several ways to make nursing home care more affordable.

Explore financial assistance programs. Medicaid, which is the federal and state health insurance program for low-income individuals, typically covers nursing home care. Medicare, which is the federal health insurance program for people age 65 and older, can also cover some short-term nursing home stays for rehabilitative purposes.
Consider long-term care insurance. Long-term care insurance is a private insurance policy that can help to cover the costs of long-term care, including nursing home care.
Sell assets. Some families may need to sell assets, such as their home, in order to afford nursing home care.
Refinance your home. If you own your home, you may be able to refinance it to get a lower interest rate and monthly payments. This can free up some money to help pay for nursing home care.
Get help from family and friends. If you have family or friends who are willing to help, they may be able to provide some caregiving for your loved one. This can help to reduce the costs of nursing home care.

Planning for Nursing Home Care

It is important to start planning for nursing home care early. This will give you time to explore your options and make the best decisions for your loved one. Here are a few things you can do to prepare:

Talk to your loved one about their wishes. Find out their preferences for nursing home care and what they are most concerned about.
Research nursing homes. Visit different nursing homes and talk to the staff. This will help you get a sense of the quality of care and the cost.
Get financial advice. Meet with a financial advisor to discuss your options for paying for nursing home care.
Make legal arrangements. Make sure you have a power of attorney and a healthcare proxy in place. This will allow someone you trust to make decisions for you if you become incapacitated.

Paying for Nursing Home Care

Once you have chosen a nursing home for your loved one, you will need to make arrangements to pay for their care. Here are a few tips:

Use your long-term care insurance policy. If you have long-term care insurance, it can help to cover the costs of nursing home care.
Use Medicaid. Medicaid is a government program that can help to pay for nursing home care for low-income individuals.
Use Medicare. Medicare can cover some short-term nursing home stays for rehabilitative purposes.
Sell assets. Some families may need to sell assets, such as their home, in order to afford nursing home care.
Get help from family and friends. If you have family or friends who are willing to help, they may be able to provide some caregiving for your loved one. This can help to reduce the costs of nursing home care.