How Does Nursing Care Get Paid For?

Have you considered the costs of nursing care as you made your retirement plans

? Most people look into investments and medical plans. But they do not really consider ways to protect themselves against the high costs of long term nursing care. Take a moment to think about this issue so you can develop a good strategy.

Do you have any idea who pays for long term nursing care? A lot of folks just assume that they have some type of medical plan that will pick up the tab. Others assume there is a government program that will provide funds if they need it. These people are both right and wrong about this. There is a type of medical plan, called long term care insurance, that may pay for nursing care. The government program that may pay for long term nursing care is not Medicare, but Medicaid. These assumptions about nursing care costs can cause some problems if the people ever do need nursing care.

Medicare plans only cover short term care. If you have a supplement, it might add some coverage, but not for the long term. It is not that easy to qualify for Medicaid benefits. In some cases, you may have to spend most of your savings. Even if you go on Medicaid, your choices of facilities may be limited. This can cause problems for other family members as well.

Some people may plan on paying for long term nursing care costs out of their own pockets. These facilities may be quite expensive. Of course, the price will depend upon the type of care you need. Of course, we do not really know what sort of care we will need several years in the future. Nobody can predict the type of facility we will eventually need, or for how long we will need it. We also have no way to know how much that care will cost in a decade or two. And yet, it is better to plan for this cost as early as possible.

There is a kind of medical policy that covers long term care. It is called long term care insurance (LTCi). There are a variety of different types of nursing care plans. If you shop around, you will find that you have different policy choices. It is hard to start paying for yet another insurance policy, especially to cover a need that may never come. If it does come, it may be many years in the future! On the other hand, ignoring the issue will not make it vanish.

by: Marilyn Katz

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