Statistics show that approximately 60 percent of the population in Florida age 65 or over will require some form of long-term care. Some will be there for relatively short periods of time.
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These may be stroke victims who are doing rehabilitation. A significant percentage will remain in a nursing home for an extended period of time. These are often Dementia, Alzheimer’s or Parkinson’s patients.
Most people who need a long-term stay in a nursing home pay for their nursing home care (room and board) using the following:
- Their personal resources
- Long-term care insurance
- Medicaid, if they are eligible
Nursing home care in Florida can be very expensive. There are many ways you can pay for nursing home care. For example, you can use your own money, you may be able to get help from your state, or you may use long-term care insurance.
Most people who enter nursing homes begin by paying for their care out of their own pocket. As you use your resources (like bank accounts, stocks, etc.) over a period of time, you may eventually become eligible for Medicaid by spending all of your life savings on the nursing home. That is not the desired way to obtain Medicaid benefits.
You can use your personal money and savings to pay for nursing home care. Some insurance companies let you use your life insurance policy to pay for long-term care. Ask your insurance agent how this works.
Important: Be sure to get help before using either of these options. There are important issues you need to understand.
Help From Your State—Medicaid
Medicaid pays for care for about 7 out of every 10 nursing home residents. Medicaid is a joint Federal and state program that pays for certain health services and nursing home care for elderly or disabled people with limited income and resources. If you qualify, you may be able to get help to pay for nursing home care, or other health care costs. If you qualify for both Medicare and Medicaid, most health care costs are covered. Most skilled nursing homes in Florida accept both Medicare and Medicaid.
Check with the nursing home to see if they accept Medicaid, and if they have a Medicaid bed available. Who is eligible for Medicaid and what services are covered varies from state to state. Most often, eligibility is based on your income and personal resources. You may be eligible for Medicaid coverage in a nursing home even if you haven’t qualified for other Medicaid services in the past.
With proper planning it is not necessary to spend your life savings on the nursing home. Legal strategies are available in Florida which enable those who greatly exceed the asset and income limits to obtain Medicaid.
Medicare Supplement Insurance
This is private insurance. It’s often called Medigap because it helps pay for gaps in Medicare coverage such as deductibles and co-insurances. Most Medigap plans will help pay for skilled nursing care, but only when that care is covered by Medicare. Some people use employer group health plans to help cover nursing home costs.
Long-Term Care Insurance
This is a private insurance policy. The benefits and costs of these plans vary widely. Many such policies are not adjusted for inflation and will not cover the entire monthly cost of the nursing home.
Get in touch with us.
We are ready to help you determine if you can benefit from Medicaid Planning. In fact our first telephone consultation is free to you. For your free telephone consultation with Attorney Frazier regarding coverage for assisted living or nursing home care.
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Florida Nursing Home Costs | Long Term Care in Florida | Paying for Nursing Home in FL | Florida Nursing Home Lawyer