Research: How to Save on Long-Term Nursing Care for Seniors
Nursing homes certainly help older people spend their golden years with the greatest comfort. As a rule, such institutions have one or two full-time doctors who monitor the general health of the residents, examine them daily, monitor medication, and help in emergency situations. However, if a senior intends to spend several months or even years in a nursing home, then the cost of staying in such a “medical hotel” will be quite high.
Recently, the top 3 healthcare institutions, namely National Institutes of Health, Cleveland Clinic and Texas Chemist Online, conducted research with the purpose to estimate the approximate cost of long-term care in a nursing home. It turns out that one patient in a nursing home will cost you at least $7,449 per month, or $245 a day. In connection with this, the above-mentioned institutions recommend that you pay attention to ways to save on long-term nursing care for seniors.
5 ways to save on care for patients in a nursing home
Open a health savings account
Those who had qualified high-deductible health insurance plans during the working period can open a health savings account to pay for future long-term care in a nursing home. In 2019, you can deposit up to $3,500 in tax-deductible contributions to a health savings account. Those who had family insurance plans can deduct up to $7,000 in contributions. In addition, those aged 55 and older can contribute an additional $1,000 to their health savings account.
Money in a health savings account rolls over every year, and withdrawals are tax-free if used for long-term care in a nursing home.
Take advantage of veteran benefits (if eligible)
Those seniors who are eligible can turn to the U.S. Department of Veterans Affairs. The thing is that veterans who have served in qualified periods of conflict, as well as their spouses, can receive financial help known as the Veterans Affairs Aid and Attendance (A&A benefit) to pay for long-term care in a nursing home.
Regretfully, most people don’t know about such a great benefit.
Order medications in an online pharmacy
Another way to save money for medications in a nursing home is to order them from online pharmacies. The prices in such pharmacies are usually lower because they do not pay for the rental of trading floors. Besides, online stores regularly offer discounts and hold promotions.
Some pharmacies can deliver your medications to the specified address (you even have the opportunity to get free shipping if your order amount exceeds the certain amount – usually $150 or $200). The downside of online pharmacies is that it may take a couple of days to deliver drugs to a nursing home. If medicines are needed urgently, this option will not work – it this case it is better to buy medicines in a regular pharmacy.
Medicare was created with the goal of working with residents of retirement age who want to solve health problems. The program exists entirely on funds deducted from corporate income tax, progressive income tax and payroll tax. Due to its existence, hospital systems receive part of their income, up to about half of the budget of these institutions are revenues from the Medicare program.
Medicare has a slightly different line of services, due to the fact that the program serves older Americans and solves their health problems. So, most often the program is used in order to receive some preventive services, undergo inpatient treatment or be able to call a doctor at home for some kind of therapeutic procedures. You can undergo a diagnostic examination, or spend a short period of time in a nursing home. Unfortunately, the program does not provide for lengthy hospitalization and is not designed for disabled pensioners who constantly need medication or medical equipment. But this category of seniors can take advantage of other programs supported by the charity.
Use personal savings
Make a compulsory habit to save a small amount every month. It doesn’t matter if it is even $50. Just leave this amount on the card with every pension. When the amount starts to accumulate, interest from the bank will be added to it. And you will get a certain passion for money saving. You will begin to save more when you realize that it is profitable.
Long-term care is very expensive and cannot be afforded by every person, but you have options. Select those that work best for you and your family in advance. And when it is time to get long-term care in a nursing home, it will be much easier for you to cover these costs!