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Nursing Home Costs: Getting Help for A Comfortable Future
3 Options to Consider
Nursing home costs may be a big headache if you have elderly people under your care.
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Yes, most older adults need some kind of help with their everyday activities at some point.
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It’s hardly the most fun thing to think about, but it’s simply an undeniable fact of life.
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You may have taken a loved one into your home for a while, eager to help. However, looking after another human being or two, if you’re looking after your parents, is incredibly taxing. It takes a lot of time and can cost quite a bit of money, too.
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It’s in these instances that people want to get additional help. This is especially true if certain conditions worsen. You may have to hire someone to help out around the house. However, in most cases, you will need to enlist the assistance of a nursing home.
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Many people make nursing homes to be a quick and easy solution. However, these will mostly be people who have actually never had to deal with an elderly person in their lives!
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Nursing homes can, of course, be absolutely wonderful. For families in need, the help nursing homes provide can be vital.
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However, in spite of all the positive aspects of a nursing home, there’s one element that isn’t so sweet. You probably already know what I’m talking about: the costs!
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Nursing homes are not the cheapest things in the world. In fact, financing an elderly loved one can put whole new pressures on a family that can be very shocking.
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The best thing to do is to be prepared to deal with them as soon as possible. We’re going to take a quick look at your options!
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Nursing Home Costs Options
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1. Use Personal Resources
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For many carers and family members, the ideal solution is to simply use their own resources.
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It’s possible that the elderly person in question actually has some money saved up for this. Many would have something put aside in their retirement fund for this.
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You will need to speak to them about financial matters. If you can raise the funds yourself, great. If not, you may have to enlist their help.
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2. Get help from the state
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There are state programs that can help you through this problem of high nursing home cost. One word that will come to the mind of many is Medicaid. If you qualify for it, it can help you tremendously.
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However, Medicaid certainly isn’t as simple as receiving a monthly check from the state to help your elderly loved one.
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Your loved one’s assets may need to be transferred. Their income will affect their eligibility in many ways. You may even have to continue paying for care for a while even after getting clearance. Thankfully, law firms like Neufeld, Kleinberg & Pinkiert, PA can help with these legal complexities.
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3. Long-term care insurance
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LTC insurance is a private insurance policy that helps pay for long periods of care. Nursing home cost can drain your finances dramatically if long or longer term care is required. So a private insurance policy can work really well for your loved one. However, make sure you read the fine print. It may only cover certain costs.
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The usual risks of insurance also come into play. In fact, LTC insurance can be particularly risky if you’re not careful. Make sure you do your research thoroughly. If you don’t, you could end up in even more financial trouble.
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