Nursing Home Costs and How To Pay Them

We hate to think that there may come a time when our parents or other close relatives who are getting on in years may reach a point where they can no longer care for themselves. But, whether it's the slow process of aging or the onset of Alzheimer's, there may come a point when they can no longer take care of themselves adequately. 

Some options for covering the cost of nursing home care include long-term savings plans, investments, insurance, or federal and state insurance programs. There are also the Veterans Administration Aid and Attendance Benefits if your loved one is a veteran.

However, even with insurance, which may cover all the costs, a large part of the costs, is a small amount; depending on the coverage, there are likely going to be additional costs as well. Therefore, nursing home care is costly, and you may need to consider all the alternatives. 

Private Pay Options

Regarding nursing home care, people often have to turn to income acquired through private means, such as personal savings accounts, stocks, selling their homes, or even pensions. There are some advantages to these options and some drawbacks as well. 

• Savings Accounts: These are usually the first things to be exhausted when paying out-of-pocket costs for retirement or nursing homes. The funds can come either from the person in the nursing home or from family members. 
• Retirement Income and Pensions: Much funding comes from here, especially since most nursing home patients are beyond retirement age for social security benefits and their personal jobs. 
• Stocks: Selling stocks is another option, and some tax benefits are worth taking advantage of. However, it would help if you spoke with your financial advisor before dipping your toes into this water. 
• Selling Your Home: Sadly, this is sometimes a necessary expenditure to care for our elderly loved ones, but it happens far more often than you would think.
• Online Loans: These are excellent fast loans that you can utilize in a pinch, especially when waiting for the return value of liquidated assets. Simple Fast Loans is a company that offers online loans of up to $3,000, with no collateral required. 

Private pay options are often the first thing we turn to for major expenditures, especially in cases where a loved one needs a nursing home alternative. This is because they can no longer be home alone or family caregivers have exhausted their capabilities. 

What Is the Cost of Long-Term Care?

In terms of the overall cost, long-term care options are staggering in the amount of money necessary to keep a family member in a nursing home. However, your only other options are personal or in-home care, which is expensive in and of itself, especially if it is 24/7 in-home care. 

On average, nursing home care for a partially private room is nearly $100,000, while a private room nursing home option is a few thousand extra dollars. But, of course, there are caveats, depending on where you live, the degree of care needed, and the nursing home's staffing levels. 

Long-Term and Short-Term Payment Options

There are multiple long-term solutions, but, as with everything, stipulations often must be met first. 

Medicare

Medicare is generally limited to short-term nursing home costs and won't extend beyond that. It also doesn't cover the cost of living with help and is probably insufficient to cover expensive medical procedures or health care needs.

When seeking long-term options, Medicare is on the low end of the spectrum. However, it can cover for you while you get things sorted and organized for a more permanent solution.

If Medicare is your only option, remember that it won't cover many things you would probably consider necessities in assisted living. However, those mentioned above, Simple Fast Loans are worth considering combining with Medicare. 

This way, you have short-term solutions and the funds necessary to cover what Medicare will not. In the meantime, a more long-term solution can be put together. Other limitations to Medicare make fast, online loans palatable. 

• For nursing home care to be on the table, it must be ordered and signed off on by a physician.
• Three days in an inpatient hospital is a prerequisite.
• You will have to locate a nursing home that qualifies for Medicare.
• You have a short amount of time before Medicare will no longer pay the costs.

It's hard to say exactly when or at what monetary amount Medicare will cut off because every state is different, as are the costs of nursing homes across the country. So, that will have to be determined as you speak to someone with Medicare. 

Medicaid

Only financially qualified and senior citizens can take advantage of Medicaid. A decent retirement plan and pension will likely disqualify someone. However, even if they qualify, Medicaid will only cover between 45% and 65% of the overall expense. 

The rest will have to be taken care of from other sources. For Medicaid to pay, the nursing home must be a Medicaid-qualified facility, so your options might be slightly limited there. 

The other problem with Medicaid is that the rules change yearly, sometimes significantly. For example, monthly income cannot exceed $2,250, but if the senior citizen owns a home, the home is not included as an asset. 

Veteran's Assistance

When it comes to veterans, there are generally two options, depending on whether the veteran has seen combat and was enlisted during a time of war. Veterans are qualified as either three or five-star veterans, with five-star veterans having seen combat. 

Those two extra stars go a long way regarding benefits down the road. The first option is the Aid and Attendance benefit that we mentioned above. This benefit will usually cover the cost of a nursing home, but only if the veteran's monthly income is legitimately limited.

Also, when the Aid and Attendance benefits are applied for, it must be proven that the applicant requires the assistance of someone else to go about their daily routines. 

The second option is something that all veterans can take advantage of. There are a few stipulations, however. For example, the veteran applying has to be 70% or more disabled, and there has to be enough space or an available room in the state nursing home. 

Also, this nursing home assistance can only be used at VA nursing homes. 

How Can Simple Fast Loans Assist?

Simple Fast Loans provides customers with the type of loan that is supplemental or used in situations where only short-term care is provided and a long-term solution is on the table. 

The best part is that the loans are quickly accessible, and there is an online application process. You don't need to offer any collateral, either. We provide customers with "next-day" loans so that they can take care of the immediate costs of nursing home care for their loved ones. 

Simple Fast Loans is also perfect for when you are waiting for the necessary assets to be liquidated. In most cases, you can't liquidate some of your assets overnight, and we can fill that void quickly until you have the money in your hands. 

They also offer easy and affordable monthly payments, and you never have to leave your house to apply, receive your funds, or make your monthly payments.

All Things Considered

While there are many options for affording nursing home care for your loved one, not all of them are expedient, and some only cover partial costs. However, if you need cash quickly or, at least until you have acquired the proper funding, Simple Fast Loans will promptly get you the money you need.