Senior care communities in Indiana often offer various payment options to their patients, including Medicare and Medicaid. Many nursing homes pay for costs on a sliding scale basis and have an agreement with the state that they will provide free care to some residents who are financially unable to pay for services. Not all providers accept the same payment forms, making it hard to know where to start when looking for the right place for your loved one. In this article, we will discuss some of the most common forms of payment that a senior care facility in Indiana can offer so that you can be fully informed when making this important decision.
Medicaid
Medicaid is a government program that provides health coverage to low-income individuals and families. Both the state and federal governments fund it.
You can apply for Medicaid at any point in the year, but if your loved one needs an assisted living community, it’s best to apply as soon as possible, so there isn’t any delay in getting them into their new home. Contact us today if you have questions about Medicaid or would like help applying for it!
Medicare
Medicare is a federal health insurance program administered by the Centers for Medicare & Medicaid Services (CMS). It helps pay for medical expenses for people aged 65 and older and younger adults who have disabilities.
Medicare Part A covers skilled nursing facility care, inpatient hospital stays, hospice care, and home health care services. Part B covers certain lab tests and physician services. Part C covers private health insurance plans that Medicare approves, including prescription drug coverage (Part D). You can enroll in any combination of Parts A, B, and/or D at any time during the year.
Long Term Care Insurance
Long-term care insurance is a form of insurance that covers the cost of long-term care. Long-term care is any assistance provided to a person with an illness or injury that makes it difficult for them to take care of themselves, such as bathing and dressing. Examples include: home health aides, nursing homes, and assisted living facilities.
Most people think about this type of coverage when they are older (the late 60s/early 70s), but there may be a few reasons why you should consider purchasing it earlier in life:
- You’ll save money by purchasing it at a younger age since premiums are lower; the longer you wait, the more expensive it becomes
- There is always uncertainty around how long we will live and what our needs will be when we’re older; if your family can’t afford the cost of long-term care on their own or if they don’t want to place a financial burden on you after your death then having insurance may help them out in these situations.
Private Pay
Private pay is an option for those with the financial means. This option allows you to choose your senior-friendly independent living community and the right care level for you. Still, it is also often more expensive than other options. Private pay does not require special insurance, but many insurance plans do not cover it.
The benefits of private pay include:
- Choosing your senior care community regardless of how long you’ve been a resident or whether there are vacancies at other options nearby.
- Access different services from providers (including assisted living communities, home health aides, and in-home caregivers).
Conclusion
We hope this article has been useful as you consider your options for paying for care. It’s important to know that even if you have insurance, there are many other ways to pay for senior care.
