Nursing home care may be important for you or necessary for your loved one, but will you be able to afford it? Will you be able to make an informed decision and to choose a facility that meets all of your needs, or will you be forced to settle for a nursing home facility based solely on its lower price tag?
The Key Is to Plan Ahead
Medicare and private health insurance plans typically do not cover non-medical costs. Thus, if you need assistance with bathing, eating, moving around, or other activities of daily living, then your insurance coverage will not pay for the nursing home care that you need. Medicaid may pay for your nursing home needs, but only if you are financially eligible and you enter a Medicaid-approved facility.
Accordingly, it is important to plan ahead financially so that you can give yourself choices when it comes to nursing home care. If you have the financial means, then you may be able to carefully select which nursing home is right for you. You will be able to be choosy and to carefully consider the nursing home’s safety record. If a nursing home that you are considering has a history of abuse and neglect of residents, then you can continue to look elsewhere until you find a nursing home that you reasonably believe will keep you safe.
A Financial Plan Can Provide You With a Plan B
Unfortunately, you can’t always predict where nursing home abuse or neglect will occur. However, if you have planned for your financial needs in a nursing home, then you may be able to move to another nursing home if you are hurt or if you are worried about being hurt by nursing home abuse or negligence.
It’s impossible to know what the future will bring, but your actions today can allow you to stay in financial control and may give you the ability to make important decisions about any nursing home care you may need tomorrow. Accordingly, it is important to consider your plan this October during Long-Term Care Planning Month and throughout the year.