Paying for Long-Term Nursing Home Care in Raleigh and Wake Forest, North Carolina: Options to Explore

The costs of assisted living and skilled nursing facilities are skyrocketing, and if you or a loved one is nearing (or past) retirement age, you might be worried about how you’ll be able afford long term care.

No one plans to develop an illness, dementia, or other memory loss that will lead to the need for facility care; and, while being cared for at home is preferred, it’s not always practical or affordable, particularly if specialized care is required.

The following information outlines options you can explore to pay for nursing home care without depleting your finances.

Options to Pay for Nursing Home Care in Raleigh and Wake Forest, North Carolina

Despite the high cost of nursing home care in Raleigh and Wake Forest, North Carolina, you have alternatives to paying out-of-pocket. The right choice will depend on several variables, including your current age, your assets and income, the timing of the need for long-term care, and the type of care you need.

Out-of-Pocket

If you have unlimited assets, you can pay for nursing home care out-of-pocket. While some individuals choose this route, it can take a big bite out of your assets. Even the wealthy tend to find that there are better solutions than solely relying one’s own resources to pay for nursing home.

Medicare

Many seniors believe Medicare is a saving grace that will cover all of their health expenses at no cost; however, Medicare coverage only covers long-term care stays of 100 days or less, and there are restrictions on receiving those benefits.

Long-Term Care Insurance

Long-term care insurance can help cover the cost of care in a skilled nursing facility, but you may end up paying expensive premiums for years without using its coverage. Other seniors find that by the time they realize they need long-term care insurance, it’s too late to qualify.  In addition, these policies are becoming harder and harder to come by.

Special Assistance

Special Assistance is a public benefit that will help cover the costs of assisted living facilities.  Special Assistance can be extremely difficult to qualify for, given its harsh income limits.  While Special Assistance may not cover all of the costs of assisted living, it can definitely ease that financial burden.

Medicaid

Whereas Special Assistance helps cover the costs of assisted living, Medicaid covers the costs of long-term skilled nursing facilities.  While the facility will take some or all of your income to pay for your care, Medicaid coverage will pay the rest, which is a significant financial stress reliever for families, given the average cost of skilled nursing facilities is $10,000 and rising.   

The challenge can be qualifying for Special Assistance and Medicaid.  The programs’ strict asset and income rules can be difficult to navigate. At Brady Cobin Law Group, PLLC, we help clients explore their options to leverage Medicaid coverage.

Even if you have substantial assets, Medicaid can still be an option to pay for care at a skilled nursing facility, and it doesn’t require you to deplete your nest egg. While we recommend planning to become Medicaid-eligible as soon as possible, we can also help with crisis planning if you find that you or a loved one needs immediate care, and you haven’t planned for funding yet.

Contact an Experienced Raleigh and Wake Forest Elder Law Attorney

The sooner you can begin planning for the possibility of long-term care in a nursing home, the better. The attorneys at Brady Cobin Law Group, PLLC, have helped generations of families in this area. Contact us to schedule a consultation.