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Paying for Nursing Home Care
The average daily room and board charge in a nursing home is $189 per day semi-private and $213 private totaling more than $77,745 a year according to a MetLife annual survey.
- Medication
- Supplies - incontinent, bandages, etc.
- Ancillary services - eye, dental or hearing care
- Therapies needed - There is a limit on Medicare A & B benefits
- Telephone and cable
- Doctor's fees
- Special equipment - wheelchair, walker
To pay for these services patients use -
Personal Resources - Income and savings until your resources are exhausted to $1500 and then you can apply for Medicaid. If you are paying privately many facilities may require advance payment of thirty days.
Private Insurance - Long term care insurance is available to help cover some of the costs of nursing home care.
Medicare - Medicare only pays for Short Term Skilled Nursing Rehabilitation up to 100 days. After the 20th day there is a co-pay of approximately $119 that must be paid. This is often covered by Medigap insurance.
Medicaid - Once you have used your own financial resources you can apply for the Federal and State joint financial assistance program. Note that the law typically provides some breaks to married people to allow a spouse remaining at home to retain some of the couple's assets and income and there may be plans you can make to preserve some of your assets. It may be beneficial to consult an attorney specialized in Elder Law if you think this may be a situation in which you or your loved one may find yourself in the future.
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