Although a number of insurance carriers offer nursing home coverage as a benefit, many restrictions still apply. Long-term care policies should be carefully scrutinized by the potential buyer for scope of coverage, lifetime benefits, exclusions, and cost of premiums. Due to the high costs and limited insurance possibilities, families may find residential care beyond their ability to pay. However, there are some options for financial help, depending on the person's economic circumstances and the level of care required. Medicaid will only pay for care which is deemed medically necessary.
Provisions are also available to protect the assets of the well spouse.
It is prudent to seek the advice of a qualified attorney to make sure that correct procedures are followed for Medicaid eligibility. Caregivers should be aware that once eligible, Medicaid patients often must wait for the availability of a limited number of designated Medicaid beds. This can be used to convert home equity into a monthly cash stipend to pay for long-term care. These types of loans vary. In some cases, at least one spouse must remain in the home.