Some individuals use the equity from their home to help pay for residential care.
Private insurance plans. Although a number of insurance companies do offer nursing home coverage, the benefits tend to be limited and any policies should be carefully checked for criteria such as scope of coverage, restrictions on rehabilitative treatments, and permanent exclusions. Medicare is another commonly used method of payment. This policy helps cover the costs of up to 100 days of medically necessary care in a skilled nursing facility. Medicaid is the primary option for the majority of nursing home residents who reside in state registered nursing homes.