Nursing home expenses can be extensive if families don’t take the time to review their current situation and prepare for life after retirement. However, nursing home expenses don’t need to be paid out of pocket if you prepare accordingly. There are different options available for you to plan for a future without financial worry.
Medicaid is a federal and state program that helps with medical costs for individuals with limited resources. However, not all nursing homes accept Medicaid payments. For such reasons, it’s important to know if the nursing home you choose will accept Medicaid payments if you want to utilize this program. Medicaid programs can vary from state to state, but in most cases, your eligibility will depend on your income and personal resources.
Medicare is another federal health insurance program for people who are 65 years or older and younger people with disabilities. Medicare provides rehabilitation coverage for individuals but not long-term care. Medicare will cover up to 100 days of care in a skilled nursing facility each benefit period.
Long-Term Care Insurance
Long-term care insurance is a type of insurance policy that can help pay for many kinds of long-term care costs. Some policies may cover only nursing home care, while others can cover a wide range of services, such as adult daycare, assisted living, medical equipment, and home care.
Start Planning for the Future Today!
Planning for long-term elder care requires knowledge and preparation. Our team at Marsden Law P.C. is here to help clients in Metro West Boston manage their affairs so they can make sure they have the legal tools and resources they need to overcome financial obstacles in the future. Whether you have questions about legal issues pertaining to Medicaid planning, disability insurance, or more, we are here to discuss strategies with you.
Contact our Metro West Boston elder law attorneys today at (800) 828-7854 to schedule a consultation!