Long Term Care Insurance
Paying for Long Term Care
The most common question about long term care situations is "how do we pay for all this?" There are typically three ways to pay for the cost of a long term care event. They are:
- Long Term Care Insurance. Most people facing nursing home stays do not have long term care insurance. This method of payment has only become popular in the last few years with the increase of public awareness. Long-term care insurance can go a long way towards paying for a long term care event and may keep open additional options (i.e. home health care).
- Self Pay. You can always personally pay for long-term care. However, nursing homes nationally average $72,800.00 per annum. Locally, costs average between $5,000 and $9,000 per month. Few people can afford this.
- Medicaid. Medicaid is a federally funded and state administered program that pays nursing home costs provided certain income and asset qualifications are met.
Veterans may have some benefits that pay for nursing home care.
If you are a concerned relative or friend of an elderly person who seeks counsel concerning Estate Planning, Elder Law, or Medicaid, Contact Us Online or Call Us at (904) 355-8888 to set up a free consultation and receive our Free North Florida Nursing Home Guide.
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