How to Fund Nursing Home Care

As you evaluate financing options for nursing home care, consider state, public and private funding resources. State and federal programs, such as Medicare and Medicaid, may cover all or a portion of your nursing home costs. When choosing a nursing home, always inquire about the costs as well as the number of nursing staff and assistants in the facility. You'll want a facility that is affordable but also able a good match.

Instructions

• 1

  Finance your nursing home care with Medicare insurance. Medicare coverage is subject to limitations, so contact the State Health Insurance Assistance Program (SHIP) in your state. To receive coverage, you must receive the services from a Medicare-certified skilled nursing home after a qualifying hospital stay, which is typically three days, Medicare.com states.

• 2

  Purchase a private policy. Medicare Supplemental Insurance and Long-Term Care Insurance may be able to help you pay for gaps in Medicare coverage. Coverage is available through employer group health plans and state programs. The benefits and costs of private insurance plans vary widely, so contact the National Association of Insurance Commissioners (NAIC) for coverage, benefit and cost guidelines for your state.

• 3

  Request low-income assistance through Medicaid, which is a State- and Federal program that covers nursing home care for qualifying beneficiaries. You must receive nursing home care in a facility certified by your state's government, which you can confirm by checking your state's requirements by visiting your State's Medicaid office (see Resources).

• 4

  Finance nursing home care with personal savings, which you can hold in a personal savings account or credit union account until payment is required. Pay the nursing home care facility directly with a check drawn against your personal savings account.