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The cost of nursing home care in the United States is prohibitive for many. For example, in New York, the annual cost of a private room can range from $120,000 to $180,000, depending on the location. The annual cost is slightly less for shared rooms. Furthermore, nursing home costs may be higher because of the around-the-clock care by licensed and registered nurses.
At Dalli & Marino, we know that nursing home care is costly, and many have questions about how they can afford it, so we compiled a list of five ways to help pay for nursing home care in New York City.
How to Pay for Nursing Home Care
While nursing home costs are expensive, you may be able to access some resources which may lessen the out-of-pocket costs. For example, Medicare may cover short-term stays. Conversely, Medicaid may cover long-term stays. Other ways to cover nursing home costs include personal finances, private insurance, and veteran’s assistance programs.
Personal Finances
Most residents entering a nursing home use personal finances to cover the costs. This might include using personal savings, stocks, or other assets. It is also common for adult children to help offset the cost until the parent becomes eligible for public benefit programs, such as Medicaid.
Regardless of how you pay for a loved one’s nursing home stay, you must speak with a financial institution to understand all of the terms and fees involved. It is also crucial to speak with the facility to understand what types of care and services they offer.
Private Insurance
Many Americans turn to long-term care insurance to cover nursing home fees and other costs. Long-term care insurance lowers the out-of-pocket expenses for stays in a broad range of care settings, including nursing homes. However, it may be best to buy this insurance before needing it, even if it means paying premiums for many years. Premium rates are usually lower for people who are in good health when they purchase their policy.
Medicare
One of the biggest misconceptions about Medicare is that it provides long-term nursing home coverage. Medicare only covers limited periods of inpatient care in a skilled nursing or rehabilitation facility following a hospital stay. However, Medicare can pay for short-term intensive rehabilitation care.
Medicaid
Medicaid is a federal program administered jointly with state governments. It pays for long-term nursing home costs for people with low income and few assets other than the house they own. It is essential to know that Medicaid is only available to people who cannot care for themselves at home, and they must meet their state’s eligibility requirements. Financial eligibility varies based on how many people live in the home. For example, in New York, a person living by themselves must make $17,775 or less a year to qualify.
Veteran’s Assistance Programs
The Department of Veteran’s Affairs (VA) provides nursing home accommodations and other long-term care for many veterans. Those eligible for VA assistance include:
- Veterans with a service-connected disability rating of 70% or higher.
- Veterans with a 60% or higher service-connected disability rating and are unemployed.
- Veterans with a service-connected disability that doctors determine require nursing home care.
Veterans can learn more about eligibility through the VA’s Office of Geriatrics and Extended Care.
Skilled Nursing Home Abuse Attorneys in New York
When your loved one moves into a nursing home, you expect staff to respect and care for them. Unfortunately, too many nurses take advantage of their patients. If you believe that your loved one is the victim of nursing home abuse, contact Dalli & Marino. Our nursing home abuse attorneys can launch a thorough investigation into the accusations and work to hold the liable parties accountable for their actions. To schedule a free consultation, call (888) 465-8790 or complete our contact form.
