Ways to Afford Nursing Home Costs for Your Loved One

That more than 40 percent of senior citizens in the US will require some period of care in a nursing home facility and that majority of people who are at least 65 years old will need some type of long-term care services are two factual information released by the Centers for Medicare and Medicaid Services.

In February of 2015, the Centers for Disease Control and prevention (CDC) counted 15,700 nursing homes in the US that served as dwelling places to 1.4 million residents, majority of whom are senior citizens who are in need of more attention and supervision than what a residential facility can provide. These seniors’ needs include assistance in: daily hygienic concerns, like bathing, incontinence and dressing; managing medications; eating and other activities.

Despite the need to have seniors’ needs addressed, sending them to a nursing home is not really advantageous to families directly affected. First, these seniors are family members – one’s mom or dad, or another very close kin. Second, news about nursing home abuse is cause for worry and, third, the large costs associated with nursing home care can cause a major imbalance in a family’s financial situation.

For a senior family member to stay in a nursing home, his or her family will have to pay approximately $222 every day for a semi-private room or $248 per day for a private room; this means a staggering $81,000 or $90,500 every year. Costs, however, still varies, depending on a senior’s medical situation, geographical location, and length of stay.

While paying nursing home and other long-term care costs can be done out of pocket or out of a retirement account, this should not be a family’s or a senior’s only available means or even primary option because costs can definitely deplete all savings and still this will not be enough to cover everything that needs to be paid.

One good source of financial help is Medicare, which covers a maximum of 100 days stay in a nursing home facility. A much better source, however, is long-term care insurance, but purchase of one should be done years before your loved one reaches his or her senior years or while he or she is still healthy. This is one move that requires advance planning since no insurance firm will sell you a long-term care policy for seniors after your senior family member has moved into a nursing home facility.

With planning done which will result to addressing costs associated with a nursing home, the only concern you and other family members will need to address is to which nursing home you will take your loved one. There may be hundreds of nursing homes in your state but you should know that not all of these are really capable of providing the quality care they promise to provide.