People reside longer than ever before. At the turn of the 20th century, the average life expectancy was about 47 years. As we enter the 21st century, life expectancy has elevated significantly. As a result, we face more challenges and transitions in our lives than those who got here earlier than us.
Probably the most difficult transitions people face is the change from independent living of their own dwelling or condo to dwelling in a long term care facility or “nursing home.” There are various reasons why this transition is so difficult. One is the lack of home… a house where the person lived for a few years with a lifetime of memories. Another is the lack of independence. Still another is the loss of the extent of privateness we take pleasure in at home, since nursing residence residing is commonly shared with a roommate.
Most people who make the choice to move to a nursing home do so throughout a time of great stress. Some have been hospitalized after a stroke, some have fallen and damaged a hip, still others have a progressive disease, like Alzheimer’s, and might no longer be cared for in their own homes.
Whatever the reason, the partner or relative who helps a person transition right into a nursing residence during a time of stress faces the immediate dilemma of find out how to discover the fitting nursing home. The task is not any small one, and a huge sigh of reduction can be heard when the best house is discovered and the cherished one is moved into the nursing home. For many however, probably the most difficult process is just beginning: How to deal with nursing residence payments that average more than $7000.00 per month.
How one can Pay for Nursing Home Care:
One of many things that concerns folks most about nursing residence care is how you can pay for that care. There are basically four ways which you can pay the cost of a nursing residence:
1. Long Time period Care Insurance – If you’re fortunate enough to have this type of coverage, it might go an extended way toward paying the price of the nursing home. Sadly, long-term care insurance has only started to become well-liked in the previous few years and most people facing a nursing house keep don’t have this coverage.
2. Pay With Your Own Funds – This is the tactic many individuals use at first, even though with proper planning, they might not have to. Fairly merely, it means paying for the price of a nursing dwelling out of your own pocket. Sadly, with nursing house bills averaging over $7000.00 per 30 days, few individuals can afford a long term stay in a nursing home.
3. Medicare – This is the national health insurance program primarily for people sixty five years and older, sure younger disabled individuals, and folks with kidney failure. Medicare provides brief time period help with nursing dwelling prices, however only when you meet the strict qualification rules.
4. Medicaid – This is a federal and state funded and state administered medical benefit program which pays for the price of the nursing home if sure asset and income tests are met.
For the reason that first two strategies of private pay (i.e. using your own funds) and long term care insurance are self-explanatory, our dialogue will concentrate on Medicare and Medicaid.
What About Medicare?
There’s a great deal of confusion about Medicare and Medicaid.
Medicare is the federally funded and state administered health insurance program primarily designed for older individuals (i.e. those over age sixty five). There are some restricted long run care benefits that can be available under Medicare. Basically, if you’re enrolled in the traditional Medicare plan, and you’ve had a hospital stay of at least three days, and then you might be admitted into a talented nursing facility (typically for rehabilitation or skilled nursing care), Medicare pays for up to one hundred days.
For those who qualify, traditional Medicare could pay the total value of the nursing home keep for the first 20 days and may continue to pay the cost of the nursing residence keep for the next 80 days, however with a deductible that is approximately $one hundred per day. Some Medicare complement insurance policies can pay the price of that deductible. As a way to qualify for this one hundred days of coverage, however, the nursing dwelling resident must be receiving daily “expert care” and usually must proceed to “improve”
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