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If I go to a nursing home, how will I pay for it?

If I go to a nursing home, how will I pay for it?

  • June 23, 2014

There are three basic choices.  First, pay for it yourself.  This is the least complicated way and the easiest to implement, but the most painful when you are paying out money to a nursing home that you would rather conserve for your spouse and family.  Many people cannot stomach the idea that what they worked so hard to accumulate all of their life is now going to the nursing home.

The second funding choice is to divest your assets and qualify for Medicaid.  This is often not easy to do and requires giving up some control.   It also takes away all care options except for the nursing home.  Finally, there is no guarantee, given the current government budget deficits, that this option will be available in the future.

The final and best option is to get a long term care insurance policy.  This takes all of the uncertainty out of paying for long term care and preserves options such as home health care and assisted living.  Long term care insurance is not inexpensive, but you should strongly consider it because it allows you to remain in control.  It also removes any uncertainty about how you will pay for your care.