Nursing Homes

If you are a Medicare beneficiary, you may think that Medicare will cover any medical services you need. However, it is important to be aware that traditional Medicare does not cover nursing home stays, which can be long and costly. If you require a nursing home at some point, you will need to find another way to pay for it.

When it comes to paying for a nursing home, you essentially have three options. The first is Medicaid, which is a joint federal and state program that provides medical care to those with lower incomes. Even if you think your income is too high to qualify, you should still apply since the income threshold is higher for nursing home residents. Keep in mind that not all nursing homes accept Medicaid payments, so make sure to check your preferred facility. The second option is long-term care insurance, which is something you should look into in your fifties or early sixties, as it will mean lower premiums. This type of insurance will cover some or all of the bill if you end up needing a nursing home.

Paying for a nursing home out of your retirement income is an option, but it can be costly. To avoid any surprises, it is best to budget for such an expense ahead of time. If you require a nursing home, your Medicare coverage will still cover doctor visits, preventive services, hospitalizations, and medications as usual. If you are uncertain of the specifics of your plan, reach out to one of our licensed agents. They can provide information and assist you in making informed decisions.