As we age, moving into a nursing home can become a reality. While this decision may be challenging, preparing for the potential financial aspects of nursing home care is important.
When it comes to nursing home expenses, consider obtaining long-term care insurance. This type of insurance can be a lifesaver, covering expenses related to your nursing home stay and other long-term care needs. It’s advisable to secure long-term care insurance while you’re still in good health, as timing is crucial. As you get older or if you have any pre-existing health conditions, your insurance premiums may increase significantly.
Another wise approach is to prepare for Medicaid eligibility. To be eligible for Medicaid, specific criteria regarding income and assets must be fulfilled. Collaborating with a financial planner is important in structuring your assets properly to meet Medicaid eligibility criteria when necessary.
Arbor Village Nursing & Rehabilitation provides a variety of payment options to make managing nursing home costs more attainable. We accept Medicaid and private insurance alongside private pay options. Our dedicated staff is readily available to collaborate, tailoring a payment plan that aligns with your financial needs and budget.
In conclusion, preplanning for nursing home costs is a key step in ensuring you can access the care you require in the future. At Arbor Village Nursing & Rehabilitation, we empathize with the financial concerns that accompany nursing home care. We are here to lend a helping hand, so reach out today to explore our payment options and discover how we can assist you in effectively managing nursing home costs.