What do you do when a nursing home costs too much? Elder care costs can be a real financial pressure on a family. Here are some of the big problems that people report in dealing with the costs of keeping a family member in a nursing home.
Lack of Insurance
Some of those who are paying attention to the nursing home industry understand that insurance is important.
A new type of insurance called long-term care insurance is a critical financial safeguard for many families.
Long-term care insurance is set up to pay for nursing home costs. It generally covers any kind of skilled nursing facility care that a patient needs.
Some nursing homes are fitting long-term care insurance into contracts. Advocates are showing families why it makes sense to pay for this insurance early. More people are protecting their assets by investing in long-term care insurance coverage before they ever need it.
If you don’t have it, you can get caught up in all sorts of financial problems when it comes to paying a nursing home bill. Nursing home care can cost up to $100,000 a year or more. Assisted living facilities aren’t cheap, and lack of long-term care insurance can be a significant problem.
Limited Knowledge of Medicare and Medicaid Rules
In some cases, Medicare Part A will cover some types of nursing home facility care for a senior citizen.
The problem is that Medicare Part A rules involve timelines and other factors. Medicare doesn’t just cover nursing home costs. In fact, in some cases, it hardly covers anything at all.
Families who have some understanding of Medicare and Medicaid rules can fare better in trying to figure out nursing home costs.
No Retirement Plan
A retirement plan is important for a reason.
Some professionals these days would tell you that a good retirement plan has two components. The first one is money. That’s the money you saved up for your golden years. The second one is strategy.
For someone who is going to need nursing home care, taking some of that retirement money and spending it on long-term care insurance can save hundreds of thousands of dollars.
On the other hand, someone who is too cash-strapped to pay for long-term care insurance is likely going to be bankrupted by the costs of nursing home care.
These are some of the big challenges that come with assisting a family member in his or her old age. If you feel like you’ve been shortchanged by a nursing home, or have concerns about your dealings with one of these businesses, call the law offices of Steve Watrel. As a trusted nursing home abuse lawyer in the Jacksonville area, Steve Watrel knows how to go to bat for families. Get justice under the law and peace of mind in a nursing home abuse case.