Paying for nursing home care
There could come a time in the future when you need to pay for nursing home care. Nobody wants this to happen to them, but it’s a definite possibility. For this reason, you need to plan for the worst. This means knowing how you will pay for nursing home care.
First things first, you always have the right to use your personal resources to pay for care. This means you can take money from your savings or retirement accounts to get the care you need.
Another idea to consider is Medicaid. If you qualify, this is often one of the best ways to pay for the costs associated with nursing home care.
And of course, you have the ability to purchase long term care insurance. This is one of the best ideas, as it gives you peace of mind. With this type of policy, you may have the coverage you need to cover some or all of your expenses.
When buying long term care insurance, make sure you know what types of benefits you are getting. No two policies are the same, and you don’t want to end up surprised if you need to make a claim down the road. At that time, the only thing you should worry about is getting the care you need.
Even if you cannot envision a situation in which you will require nursing home care, you don’t know what the future holds. Purchasing long term care insurance could be a good idea, as long as you know what it covers and how to make a claim if need be.
Source: Medicare.gov, “How can I pay for nursing home care?,” accessed Jan. 11, 2016