If you or your loved one has had to go into a nursing home, you may have had to quickly figure out how to pay for Nursing Homes Kansas City KS. Medicare may be an option for the first 21 days, but not for much longer than that. Depending on the care being received, the average nursing home can cost in excess of $200 per day. This equals over $6,000 dollars per month or over $72,000 per year. That is without factoring in inflation. If services are provided in the home and are needed 24 hours per day, the costs can easily be double that. Even if there are financial resources in place, these types of expenses over a long period of time can quickly eat up those resources.
Some people have had the presence of mind to invest in a long term care policy. Depending on the type of policy that is purchased, this policy could pay anywhere from a small portion of the daily expense, to 100%. It can cover the cost of the nursing home, and may even cover in home costs prior to the person going into a home.
The policies offer customization and can be tweaked based on the projected needs of the senior. Waiting periods can be as short as a few days, or as long as a few months. The longer the waiting period the cheaper the policy will be. This is because they will not have to pay for short rehabilitative stays, but will pay for the long term stays. These policies can be purchased to cover lifetime benefits or a limited number of years of benefits. Statistics have shown that the average stay in a nursing home is approximately 2 1/2 years.
Long term care policies have been very pricey in the past and could cost in excess of $4000 per year, but many insurers have now come out with less expensive plans which will allow spouses to pool or combine the policy benefits. This means if a couple have purchased five years of coverage, they will have a pool that equals ten years. This benefit pool can be used by either one of them or both of them as long as the time in the nursing home does not exceed the ten year period. By making plans now on how you will cover the cost of nursing care, you can protect your assets.
If you or your loved one has had to go into a nursing home and need help how to pay fees, then contact McCrite Plaza Retirement Community.
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