Ways to Pay for Your Aging Parents’ Nursing Home Care
- Posted on: Nov 30 2021
It can be very difficult to accept that your parents are aging. They may become slower and tasks that were once simple may become exceedingly difficult. Their mental health may also begin to deteriorate. If you can no longer provide your parents with the proper care that they need, you may be left wondering what you can do. That’s when you may make the decision to place your parents in a nursing home or long-term care facility. But you may be faced with another obstacle: how you are going to pay for it. Here are a couple of ways that you can pay for your aging parents’ nursing home care.
Medicaid (which is different than Medicare), is a government-run program that provides those with lower income and fewer resources the funds to pay for their medical costs. While most nursing homes will accept Medicaid as a form of payment, it’s always best to confirm this. If you don’t qualify for Medicaid – yet – you may be able to if you “spend down” your assets in a lawful manner. It’s important to be familiar with California’s Medicaid laws since each state is different.
Long-term Care Insurance
Another option for paying for your parents’ nursing home care is long-term care insurance should you have it. Before choosing long-term care insurance, it’s imperative that you make sure that the insurer is licensed in California. The benefits can be used for many different services, such as a stay in a nursing home. Again, since each policy will differ, it’s important to be very familiar with your own. Some policies will not fully cover those with a pre-existing condition.
While you may have the best of intentions for your parents, there’s no denying that nursing home care can be very expensive. You may want to look at your savings and other personal assets to see if you have enough to pay for it. Unfortunately, though, not everyone can afford it. If you believe that your parents are unable to afford nursing home care, you’ll want to see if they qualify for Medicaid, if they have long-term care insurance, or if there is something else in their estate plan, such as a special needs trust, that can help to pay for it.
The Law Offices of Brian L. Fox, APLC Help Those in CA Who Are Looking to Plan for the Future
If you are struggling to find a way to afford nursing home care for your parents and are wondering about your options, a knowledgeable and experienced California estate planning attorney can help. At the Law Offices of Brian L. Fox, we work with our clients to ensure that their assets and interests are well protected and we work to ensure that this is done properly and adequately. To learn more or to schedule a consultation, schedule a request or call us at 805-638-9204 today!
Posted in: Estate Planning