If you’ve signed up for Red Cross CNA training or other Certified Nursing Assistant training, it is probably at least somewhat because you know it’s a career that will always be in demand. But what happens if the money for nursing care dries up? Well the good news is, it isn’t going to happen.
Below is an interesting article about those concerns.
Concerns About Paying For Nursing Care Stays
by Mark Bradshaw
Americans are living longer. But along with that comes an increased chance that we will need nursing care in the future. Have you ever researched the cost of this type of care, either in a nursing home or, even, at home? It is not cheap. It can’t deplete savings very fast. That is why it pays to think about this issue in advance.
Long term care insurance (LTCi) is becoming more popular. People can buy it from private companies or get group coveage from their jobs. It covers different types of nursing care that people may need. Plans and prices vary, so you will have to look around to see if one is right for you.
Some are set up so the premiums can be deducted from federal taxes, and these are called tax qualified plans. Others are called non-tax qualified plans. They cannot be deducted.
In a few years, we should be getting more help from the CLASS act of health reform. It provides an optional program that people can choose on a voluntary basis. The new program is still not implemented, so I do not have all of the details. From what I understand, the payments will not be enough to cover the whole cost of nursing care, but it should help some people.
Of course, there are federal health plans today. But Medicare only pays for short nursing needs. Medicaid requies patients to spend most of their money and other assets in order to qualify. These are not perfect solutions either.
Some other alternatives may be considered. There are annuities and insurance policies with provisions for nursing care. There is not one right solution for all people, but it is very important to look into the alternatives in case you need it.
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