10. Ways to pay for a Nursing Home in New York

Ways to pay for a Nursing Home in New York City.

There are many various ways to pay for a Nursing Home.

Paying for Nursing Homes:

Paying for nursing home care is a major concern for most individuals. If persons enter a nursing home directly from a hospital, Medicare will often pay, but only for a limited time, and this can be a major hurdle..

The financial toll of a nursing home stay can affect the entire family, and sometimes in various circumstances everyone needs to chip in.
Medicaid is regulated by both federal and state laws and provides funding that will pay most nursing home costs for people with limited income and assets. Eligibility for Medicaid varies by state and is provided only to persons in Medicaid-certified facilities.

A Medicaid-certified nursing home must continue to provide care for a resident whose personal funds are spent while residing there.

A nursing home that does not participate in the Medicaid program can discharge the resident. Some nursing homes try to avoid admitting residents who are currently or will soon become Medicaid recipients as they can charge private paying residents a higher fee than they would receive under the Medicaid program. They will only do things that are usually benificial to their facility.

Things can sometimes get a little complicated.

And it can get a little tricky. It’s important to always make sure that you always do a diligent research to get as much information as you can get.

If you will be relying on Medicaid from the beginning, find out if the nursing homes you are considering accept Medicaid residents.

Medicare, which pays for a number of health care services including hospitalization and limited nursing home stays for episodic illness, will not pay for long-term care in a nursing home.

If the older person has long-term care insurance, this can, under certain circumstances, be used to pay nursing homes expenses.
If you are considering purchasing long-term care insurance for possible future use, be sure to check the costs carefully, read the small print, and review the background and track record of the company involved.  All aways make sure to do  a diligent research before signing anything. 

It is currently recommended that people consider purchasing long-term care insurance as they approach the age of fifty. Premiums for long-term care insurance increase as one ages and vary in cost with the number of chronic conditions present and type of coverage desired.

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