What Type of Financial Information Does a Nursing Home Require?
Everyone should know what type of financial information most nursing homes require because there are several different types of nursing needs and different payment options.
Type of Nursing Home
There are several different types of nursing homes which will determine what kind of financial information you must provide at admission. A few types of nursing homes are: Long Term Care, Adult Day Care, and Assisted Living. Each of these types of nursing care requires different financial information. In addition to the type of nursing home, you should be aware of the type of company that owns the nursing home. These types of companies consist of: Private, Medicaid, Medicare, Managed Care, Welfare or General Assistance.
Long Term Care
Most long term care nursing facilities will require a resident to pay privately along with Medicare, or Managed Care, assistance. After the required private resources are depleted to a specific amount an application for Medicaid will be required. Medicare coverage is federally funded. Medicaid, Welfare and General Assistance are state funded. You will need to keep detailed records of all assets (including homes), bank and savings accounts, social security income, stocks, bonds, and any other liquid assets. This information is required by some nursing homes upon admission; however others may not require full disclosure. In some states, all assets must be depleted down to $2,000 before an application can be made to Medicaid. After Medicaid approves, the only payment the resident is required to give to the nursing home is their monthly Social Security check. Other long term care facilities may only accept private funding.
Adult Day Care
An Adult Day Care requirement for financial information is similar in regard to the required asset disclosure for Long Term Care. This will depend upon the owner of the company: they may, or may not, accept private funding only.
Again, Assisted Living financial information requirements can be the same as for adult day care, or long term care, but the Medicaid asset limit may be around $4,000 instead of $2,000.
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