Understanding all of the facts is key when you are making preparations for the future. People sometimes make uninformed assumptions that get them into trouble.
One of them is the idea that Medicare is a cure-all once you qualify for the program. Those who are under this impression may not be aware of the fact that Medicare won’t pay for long-term care.
In the local Indianapolis area a daylong stay in a private room in a nursing home in 2012 averaged $237 according to the MetLife Mature Market Institute. This is right around $86,500 per year, and it is not uncommon for people to spend multiple years receiving nursing home care.
Given these high costs alternatives to nursing home care are quite attractive to many. One of these would be to stay in a residential care home.
These facilities are often very small in scale, and many are contained within private homes (though they are licensed). Unlike residing in a facility that provides around-the-clock medically-oriented care, it is more like living in an actual home while receiving non-medical living assistance. The cost for these homes is considerably less than a nursing home.
In many cases seniors who need help with their day-to-day needs can simply stay home. Family members frequently assist, and in-home caregivers can be engaged as well.
The above having been stated there are times when nursing home care is really the only option given the condition of the individual in question. You should be aware of the fact that while it is true that Medicare won’t pay for long-term care, Medicaid will pay for it if you can qualify.
We have prepared an informational report on the subject, and we invite you to obtain your copy. Click this link to gain access to the report, which is yours absolutely free of charge: Indianapolis Medicaid Planning
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