Anybody know if there's any insurance that covers nursing home stay?

My mom has been within a nursing home for a 1 1/2 & its costing over $4000.00 a month.Its draining our bank account & enthusiasm saings.I'm wondering if there are any insurance company's in chicago bad that would cover her stay.My mom doesnt quilify for medicad or public aid.She has to much money in the dune.
I put most of the money in my name but my mom still get denied medicad.What other insurance could i get for her?
Her medicare doesnt cover nor does blue cross.
anybody have any opinion what is best here?she doesnt want to come home.Shes afraid to be alone.
Answers:
Long term care insurance is the type of insurance that covers nursing homes. However, she will not qualify for a policy since she is already surrounded by a home. That's like purchasing home insurance after your house burns down.

Unfortunately, her only resort is to "spend down" her assets. That means selling almost everything she has and using that money to reimburse for her care. After that she'll be eligible for Medicaid. How much she has to spend and how much she can maintain is dependent upon your state regulations.

The fact that you put the money in your christen probably didn't help, depending upon when you did the transfer. The senate knows people do that so they hold a rule that she has to count that money, whether it be in her autograph or yours, for 5 years. It, along with most of her assets, has to be out of the people before she qualifies. She can usually hold on to her home, a car, some, but not all, dosh value life insurance, matrimony rings, and burial plots, almost everything else will have to be sold. If she is the only resident surrounded by the home the state may let her keep it but may put a lein on the home.

Nursing home stays surface to over 50% but only about 15% hold long term care insurance so you are not alone. Source(s): Independent Agent
Long residence care insurance, but she may not be insurable. Call an insurance agent to discuss the situation. You can get agent name and numbers in the Yellow Pages.
This is a sticky situation. Your mother WOULD qualify for Medicad or public aid IF she turned over her assets (money surrounded by the bank, etc.). There are so many rules and regulations to adjectives of this (just reading about it will give you a headache, it's that complex) that you really call for an attorney who specializes in this sort of thing. Laws and regulations alter state to state. Attorneys who specialize in this are out there but their services are expensive to read aloud the least. Good luck.
The others are correct. You waited too long before applying for coverage. It is approaching if your house was on fire and later you applied for homeowners insurance.

You had better speak with an Elder Planning Attorney. Putting your mother's money within your name may have be a big mistake especially if you want to apply for Medicaid. You will have to spend all of your mother's money including what you put within your name before Medicaid will money her bills.

Look into Long Term Care Insurance for yourself. It never gets less expensive than it is right presently.
Unfortunately, your mother is uninsurable. One can only purchase long residence care insurance while they are in upright health - as others have already mentioned.

Medicaid will very soon require that you spend down her assets in order to qualify for assistance. Any gifts or verbs to you will only impede that process due to divestment penalty period.

There are some other ways to decrease the value of your mom's estate surrounded by order to qualify for Medicaid sooner and perhaps preserve a portion of her assets.

Medicaid law vary by state, so it it a good impression to talk with a educated attorney in Illinois and perhaps an insurance agent who works next to an elder law attorney. Here is a link to our site where on earth you might be able to get some accepted wisdom:

http://www.ohioinsureplan.com/index.php/… Source(s): Agent ten plus years
Sure, it's call "long term care" coverage. But it's too late to buy it. Kinda similar to trying to bet on a horse race after it's over.

She's going to have to use her money surrounded by the bank, until it's all gone, and consequently Medicare will cover her. Then she can sell her house and use up all THAT Money. All her money that you put surrounded by your name, well, you hold to wait five years before Medicaid won't count that. See, it's kinda stealing from MY POCKET to ask me to wage for her care, while she's got assets that YOU want to spend.

That's what her money is for. Spend it on her assistance. You don't have any other options. Source(s): agent, 21+ years
There is insurance that will help cover nursing home stays. However, because your mom is already in a nursing home, she would not qualify.

Long occupancy care insurance will help cover the cost of a nursing home stay. However, as beside all types of insurance, you have to purchase it *before* you in fact need it.

Medicare, Blue Cross, and other types of health insurance lone cover skilled nursing stays that meet certain medical critieria. And even those stays hold time limits. (The difference between a skilled nursing stay and a long term contemplation stay is the medical necessity. For example, a skilled stay can be a person getting physical therapy to rest from a broken hip. A long term care stay is when the nursing home become your place of residence.)

Your only options at this point are to verbs paying the care out of your (her) pocket or for her to qualify for Medicaid. (You should be able to obtain info on what it would take for her to qualify - unfortunately, newly putting her assets in your name won't work.)

And, since you're dealing next to this unfortunate situation now, maybe this would be a good time for you and your husband to look into long term protection insurance for yourself. Source(s): 10+ years working for health insurance companies and medical providers (including one of the largest nursing home companies in the country)


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