How to Pay for Nursing Home & Other Long-Term Care

The cost of long-term care is one of the greatest financial challenges older adults face. A private room in a skilled nursing facility can cost more than $100,000 per year in many states, and even assisted living or in-home care can quickly deplete a family’s savings. Medicare does not cover long-term custodial care, and private health insurance typically provides little to no coverage. That leaves most families wondering how they will afford quality care without losing everything they worked hard to build.

The answer for many people is Medicaid planning. With careful preparation, you can structure your finances so that you qualify for Medicaid to pay for nursing home care and other long-term care services, while still preserving as much of your income and assets as possible for your spouse or heirs. Learn more below, and contact Shalloway and Shalloway, P.A., to protect your assets and your future with the help of an experienced West Palm Beach Medicaid planning attorney.

The High Cost of Long-Term Care

Before looking at Medicaid planning strategies, it’s important to understand just how significant the financial burden can be:

• Nursing homes in Florida: $15,000–$20,000 or more per month for a private room.
• Assisted living facilities: $5,000–$10,000 per month, depending on location and services.
• Home health aides: $25–$35 per hour, adding up quickly for round-the-clock care.

Most families cannot sustain these costs for long, which is why Medicaid has become the largest payer of long-term care services in the United States.

Why Medicaid Planning Matters

Medicaid has strict income and asset limits. If you have too much in your name, you may be denied coverage until you spend down your assets. Worse, improper transfers or poorly timed gifts can trigger long periods of ineligibility.

This is where Medicaid planning comes in. By working with an elder law attorney, you can protect your home, savings, and retirement accounts while still qualifying for benefits. Planning strategies can include:

• Spending down assets in Medicaid-approved ways (e.g., home improvements, medical equipment, prepaid burial plans).
• Setting up a Medicaid Asset Protection Trust (MAPT) to preserve wealth for your family.
• Using a Qualified Income Trust (QIT), also known as a Miller Trust, when income is too high for eligibility.
• Spousal protections that allow the healthy spouse to retain a portion of assets and income.

The goal is to qualify for Medicaid as early as possible while protecting what you’ve earned.

Paying for Nursing Home Care with Medicaid

Once you qualify, Medicaid covers the majority of costs in a skilled nursing facility, including room and board, nursing services, medication management, rehabilitation services (physical, occupational, and speech therapy), meals, and personal care. This can amount to thousands of dollars per month in savings and provide peace of mind that your loved one is receiving necessary care without bankrupting the family.

Planning for Other Long-Term Care Needs

While nursing homes are the most expensive option, Medicaid may also cover certain alternatives, such as:

• In-home care through Medicaid waiver programs, allowing seniors to receive assistance with daily activities at home.
• Adult day health services, providing supervision, medical monitoring, and social activities.
• Assisted living care in some states under specific Medicaid programs.

Each state’s rules differ, so it’s essential to understand what benefits are available where you live.

Why You Should Plan Early

The biggest mistake families make is waiting until a crisis hits. Medicaid has a five-year look-back period on asset transfers, meaning if you give away property or money within five years of applying, you may face a penalty period of ineligibility. By planning ahead, you can preserve more assets, avoid last-minute mistakes that could delay coverage, and reduce stress on your family during an already difficult time.

How an Elder Law Attorney Can Help

Navigating Medicaid rules is complicated, and a single misstep can cost your family thousands. An experienced elder law attorney can:

• Review your financial situation and create a custom Medicaid plan.
• Set up trusts and legal instruments to protect assets.
• Guide you through the application process to avoid delays or denials.
• Ensure your spouse and heirs are provided for while qualifying you for long-term care benefits.

Take Control of Your Future Care Today

Paying for nursing home and long-term care is daunting, but you don’t have to face it alone. With proper Medicaid planning, you can secure the care you need while protecting your family’s financial future. If you or a loved one may require long-term care, now is the time to start planning. Contact Shalloway and Shalloway to speak with an experienced West Palm Beach elder law attorney who will explore your options and ensure your family is prepared for whatever lies ahead.