PAYING FOR LONG TERM CARE

Be selective in choosing a nursing facility that will meet your special needs. As your physician will confirm, the services offered by a facility should reflect the needs of the patient. Basing your choice on the needs of the individual also will help keep down costs and allow others in greater need of higher levels of services to obtain them.

Not all residents pay for their own nursing care. In fact, almost 64 percent of NCF consumers rely on public support.

When meeting with nursing home administrators, discuss financial conditions in detail. All payment agreements should be in writing, and you should have a copy of the final arrangements. You may wish to cover the following areas before signing the papers:

What are the forms of available public support?

Will the patient or resident receive a refund of advance payments if he leaves the facility?

How are cash and assets entrusted to the home protected? Is a receipt given to the resident?

Are withdrawals noted by signed receipt so that the resident can keep track of his account?

There are many ways to finance long term care. These might include social security payments, your own funds, assets in escrow or as an endowment, assistance form the local Social Services department, or from private organizations such as veterans’ groups, trade unions, fraternal organizations, or health insurance plans. Many insurers now have developed long term care coverage policies. Be sure to check with your agent and/or group insurer to see if you have nursing home benefits or if they offer long term care policies. The social services staff in the facility you visit can help in your financial planning under these methods or under Medicare/Medicaid.