No one wants to spend their golden years in a nursing home, but that is exactly what some older adults will require. Whether due to Alzheimer’s disease or physical injuries, they may need more care than what their family members can provide for them.
Even if you are in excellent health and have set aside substantial resources for your retirement, you may still need to think about how you might pay for nursing home care. The chances are good that your retirement savings alone will not cover the costs that you will incur.
Nursing home care is extremely expensive
Even those who have a generously-funded retirement savings account may discover that they don’t have nearly enough for a lengthy stay at a nursing home. Around-the-clock care and outsourced independent living responsibilities make nursing home care cost multiple times what rent or a mortgage would cost.
If you want a private room in Washington, that will cost an average of $9,900 per month. If you don’t mind a roommate, you will still end up paying $9,100 per month, on average. That’s over the national average for monthly nursing home costs. Medicare will not cover nursing home expenses, so older adults who may wind up in a nursing home eventually need to plan ahead if they want Medicaid to pay their nursing home expenses.
Qualifying for Medicaid requires advance planning
Although you will hopefully never need Medicaid coverage, it is far better to arrange for coverage and support that you don’t need than to desperately need help and have no resources available. The state will look back at years of your financial records when you apply, so advance planning is crucial for those who may need Medicaid.
Learning about how to pay for nursing home care can help you better prepare for your golden years and make sure they’re really golden.