If you find it necessary for you or a loved one to be placed into a nursing home for long-term care and are faced with the dilemna of how to find financial assistance for nursing home costs, there are a number of resources to investigate in order to help provide some form of financial assistance. With nursing home costs nationwide averaging between $168 and $192 a day, most families must rely on at least some financial assistance to make nursing home care possible.
Most people apply for Medicaid for financial assistance, also called Medi-Cal in California, but in order to qualify, you must meet certain requirements. Medicaid applications want to know your monthly income which must be under a certain amount to qualify, how much you own other than your residential home that could be converted to cash such as stocks and bonds, bank accounts, real estate and recreational vehicles, as well how much money you could devote monthly to in home care as opposed to entering nursing home care.
Get Financial Assessment
Contact your local Health & Welfare Office as soon as you or your family member enters a nursing facility to request a resources assessment. This will help you determine as soon as possible if you qualify for Medicaid assistance.
Other resources to provide financial assistance for nursing home care include income from pensions or social security, long term care insurance with a policy that covers nursing home care, a reverse mortgage that might allow one spouse to pull out money from a home's accrued equity in order to pay nursing home expenses, Supplemental Security Income for seniors with very limited resources, and any type of family money or assets such as investments, savings accounts and stocks.
Get Professional Help
Virtually all nursing homes have a representative on staff who can help answer your questions about your financial obligations for nursing home care and what type of assistance might be available if your own funds cannot cover those costs. Don't be ashamed to ask for help!