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

My mom has been in a nursing home for a 1 1/2 & its costing over $4000.00 a month.Its draining our bank account & life saings.I'm wondering if there are any insurance company's in chicago ill that would cover her stay.My mom doesnt quilify for medicad or public aid.She has to much money in the bank.
I put most of the money in my name but my mom still got denied medicad.What other insurance could i get for her?
Her medicare doesnt cover nor does blue cross.
anybody have any idea what is best here?she doesnt want to come home.Shes afraid to be alone.

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 term care insurance will help cover the cost of a nursing home stay. However, as with all types of insurance, you have to purchase it *before* you actually need it.

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

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

And, since you're dealing with this unfortunate situation now, perhaps this would be a good time for you and your husband to look into long term care insurance for yourself.

Long term care insurance, but she may not be insurable. Call an insurance agent to discuss the situation. You can get agent names 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 in the bank, etc.). There are so many rules and regulations to all of this (just reading about it will give you a headache, it's that complex) that you really need an attorney who specializes in this sort of thing. Laws and regulations vary state to state. Attorneys who specialize in this are out there but their services are expensive to say the least. Good luck.

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 in a home. That's like purchasing home insurance after your house burns down.

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

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

Nursing home stays happen to over 50% but only about 15% have long term care insurance so you are not alone.

Sure, it's called "long term care" coverage. But it's too late to buy it. Kinda like trying to bet on a horse race after it's over.

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

That's what her money is for. Spend it on her care. You don't have any other options.

Unfortunately, your mother is uninsurable. One can only purchase long term care insurance while they are in good health - as others have already mentioned.

Medicaid will now require that you spend down her assets in order to qualify for assistance. Any gifts or transfer to you will only impede that process due to divestment penalty periods.

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

Medicaid laws vary by state, so it it a good idea to talk with a knowledgeable attorney in Illinois and perhaps an insurance agent who works with an elder law attorney. Here is a link to our site where you might be able to get some ideas:

http://www.ohioinsureplan.com/index.php/...

The others are correct. You waited too long before applying for coverage. It is like if your house was on fire and then you applied for homeowners insurance.

You had better speak with an Elder Planning Attorney. Putting your mother's money in your name may have been 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 in your name before Medicaid will pay her bills.

Look into Long Term Care Insurance for yourself. It never gets less expensive than it is right now.