Insurance for Nursing Homes

Nursing Home care today can cost as much as $10,000 dollars a month depending on where in the U.S. that you live.  These rising nursing home cost and nursing home activities make financial planning for nursing home care and interest in purchasing nursing home insurance more popular than ever.  Medicare does not cover Nursing home care.  Medicaid will cover nursing home care, but spending down of assets may be necessary to qualify for it.

Purchasing Nursing Home Insurance

Purchasing nursing home Insurance or as it is more commonly called long-term care can be tricky.  Nursing home insurance is no different from any other insurance, the earlier you purchase nursing home insurance, the cheaper it is.  The issues with this are:

  • Will the company your purchase nursing home insurance when you are 40 still be around in 30 to 40 years when you need it.
  • How do you choose a reputable company?
  • When is the best time to purchase nursing home insurance? 

What to do Before Purchasing Nursing Home Insurance

The nursing home insurance industry is young and there have been problems with companies that do not pay benefits after a policyholder has paid premiums.  These nursing home insurance companies put up obstacles to making claims at the very time the policyholder needs coverage most. 

Before purchasing nursing home coverage, you should:

  • Investigate the background of the company offering the insurance, check the company’s insurance rating.
  • Contact your state insurance commission to see how nursing home insurance companies are rated in your area or to see if policyholders have had difficulty making claims. 
  • Talk with family and friends who may have purchased such policy to see if they have recommendations, on which nursing home insurance company to choose based on their experiences.
  • Based on your family needs, determine what is the best age to for you to buy nursing home insurance.
  • Make nursing home insurance only part of your financial plan for your retirement years. 

Do You Need an Elder Law Lawyer?

The factors that need to be considered when purchasing nursing home insurance are varied and complicated.  Medicare and Medicaid rules and regulations also have to be considered so that nursing home insurance does not affect your eligibility for these nursing home Medicare and nursing home Medicaid programs when needed.  Consultation with an attorney experienced in Elder Law issues and financial planning is important.  Long-term care or nursing home insurance should be a part of your financial planning for retirement.  Legal documents such as wills, trusts or life estates may need to be drafted to put a financial plan into effect. A lawyer  and financial planners experienced in elder law and or financial planning in would be crucial to a successful financial plan.


Nursing home care today can cost as much as $10,000 a month. The cost of such care makes financial planning for retirement important.  The nursing home insurance industry is young so care must be taken in selecting a nursing home insurance company that will be around when you need it.  A financial planning advisor and competent legal help are important tools to use in making a successful financial plan. Choose an attorney who is experienced in elder law, when you begin your financial plan.