Beginner's guide to nursing home costs?

January 29, 2024 7:14 PM

I would like to learn the lay of the land for nursing home costs, beyond "they take everything haha".

Is health insurance involved at all? Can you use Medicaid if you have savings? For my situation, there is no long-term care insurance. My goal is to understand how (and some why) it operates the way it does.

posted by cgs to Work & Money (7 answers total)

If you're in the US, call Adult Protective Services in your area. They may be able to at least start you off on this.
posted by less-of-course at 9:42 PM on January 29

Many states have an Elder Affairs agency, or at least a state ombudsman overseeing nursing home issues. Using Medicaid has eligibility requirements, your state Medicaid office can help explain those - though I do know if you have too many assets (which I would assume includes savings, but I'm not sure) you may not qualify for Medicaid. In one case I am personally familiar with, the nursing home had the person sign over their monthly Social Security payments but I don't know if that's usual or not
posted by TimHare at 12:32 AM on January 30

You might do some searching on the AARP website. A lot of content is available even if you are not a member. For example, here is something on Medicaid.
posted by gudrun at 6:34 AM on January 30

Someone in my family with assets but with a situation that requires round-the-clock care (i.e. $$$) was advised to have a consultation with an attorney who specializes in Medicaid/eldercare financial planning. The rules around Medicaid eligibility are complex and mistakes are costly. Definitely worth doing your own homework first, but consider talking with a specialist at some point in the process.
posted by LobsterMitten at 7:11 AM on January 30

You want the American Council on Aging and their medicaidplanningassistance.org. in general nursing homes cost 94,900 a year. Medicare pays 100% of the first 20 days then for the next 80 days you pay $195 a day and they pay the rest. After that Medicaid will pay if you qualify: no more than 2000 in savings and no more than 2523 on income. The devil is in the details, so you need an attorney to set up things like trusts to protect assets. Some things are not included and you have to pay for them yourself. The website also has info on nursing home alternatives and evictions.
posted by SyraCarol at 9:56 AM on January 30

Ecery part of the US is covered by an area agency on ging, it may have a different name, but that search will find it.

Medicare produces a guide every year, but it's kind of dense information.

At the end of her life, my aunt lived in a family care home, got good daily assistance, visiting nurse/ hospice when that became necessary. Less $ than a nursing home.

An experienced lawyer will be helpful at some point.
posted by theora55 at 10:07 AM on January 30

EVery part of the US is covered by an area agency on Aging sheesh
posted by theora55 at 10:28 AM on January 30