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Senior Living Resources
How to Pay for Nursing Home Care

 

What is it?

Paying for nursing home care is a burden that most Americans bear, whether directly or indirectly. Even if you never need nursing home care yourself, you are already paying for the nursing home care of others by paying income taxes that, in part, finance Medicaid and veterans' benefits. In addition, you are probably paying Social Security or self-employment taxes that help pay the cost of skilled nursing home care provided through Medicare. Although your own nursing home care may someday be financed by one of these government programs, you may find yourself struggling to pay the high cost on your own if you are not poor enough to qualify for Medicaid or if you need custodial rather than skilled nursing care. In general, there are three ways you can finance nursing home care: pay for it from your own savings (self-insure), buy long-term care (LTC) insurance, or use government benefits.

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Choosing a Nursing Home

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Housing Options for Aging Parents

When you are considering the type of care (in-home, assisted-living, nursing home), it is important to understand the types of care provided by each method, the advantages and disadvantages, and what you need to know. The following chart summarizes these items for you:

 

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In-Home Care Programs for Older Individuals

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Senior Living Resources


What is it?

As you grow older, your housing needs may change. Maybe you'll get tired of raking leaves from the lawn of the house you bought 30 years ago because you liked its huge, shady backyard. You might want to retire in sunny Florida or live close to your grandchildren in Illinois. Perhaps you will need to live in a nursing home or an assisted-living facility. Sometimes, after considering your options, you may even decide to stay where you are. Deciding where to live is never easy, but if you evaluate your options carefully, you'll find it easier to live with your decision.

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