How Do I Pay for a Nursing Home?

Cost of Long Term Care

The average cost of a single room at a Nursing Home in Baltimore County for 2019 is $10,889.00 per month.

This would be the equivalent of a mortgage payment on a $2.1 Million dollar house!

If you could afford this, how long would you be able to. And if your spouse is healthy, what happens to them? Where does their life savings go?

These are the types of questions that transition family members into personal care takers. Without a viable option, many people convert their house into a make-shift nursing home and take on that second job of caring for their loved one. Others just do the best they can on their own until complications from self-care lead them into the hospital and their health deteriorates more rapidly that it should.

The good news is there are a number of ways to pay for a Nursing Home and we help Maryland families every day navigate these choices.

3 Ways to Pay for a Nursing Home

Long Term Care Insurance

Long Term Care Insurance is a great way to pay for a Nursing Home. The things you will want to review in your policy is how much it pays out, how long will it pay for (2 years?), and will it cover both you and your spouse or only the first who needs it? Long Term Care Insurance is becoming very difficult to obtain and becomes less likely to be approved for sale the older you get. Additionally, many Long Term Care Insurance companies have been collapsing and filing for bankruptcy due to so many people living longer. For more information, reach out to your Financial Advisor and if you need a recommendation for an Advisor in your area, feel free to call our office.

Private Pay

In the event that you don't have Long-Term Care Insurance, you will need to pay privately. If you run out of liquid assets like cash, you will need to cash out your investments. Once you exhaust everything you have, the Nursing Home will then begin to place liens against your home for the amount due until all equity in your home has been drained. This is clearly an undesirable option and if this happens to you, contact an Elder Law Attorney immediately for options!

Click here for more information about how people protect their home from Nursing Home costs.

Maryland Medicaid Long Term Services and Supports

Neither the State of Maryland nor the United States Government want to see any of our families inflicted with undue hardship, least of all from the needs of medical assistance. For this reason the Federal Government put in place the Medicaid program to help families pay for a variety of services. One of these services is to cover the room and board of a Nursing Home stay.

To determine if you are eligible to qualify for Medicaid payments where the State will pay for up to $9,123.00 per month for your Nursing Home costs, complete and send us the following questionnaire:

Medicaid and Veteran Benefits Qualification Form

You can either have us email you the form to complete on your computer, or we can mail you the form with a self-stamped return envelope. Just let us know and we look forward to hearing from you.

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