• Nursing homes can be costly unless you meet monetary requirements for coverage.Bills 1 image by Big R from Fotolia.com
  
  Nursing homes provide long-term, in-patient healthcare to individuals who cannot care for themselves at home. Financing a nursing home can be extremely costly, and there are numerous monetary requirements that an individual must meet for expenses to be covered. However, Medicare, Medicaid and waiver programs are options for covering the costs of nursing homes if monetary requirements are met by the individual seeking care.
  
  

Medicare

• Medicare is an option for paying for nursing homes only if you meet its qualifications. Medicare requires that skilled care be needed every day for the individual seeking a nursing home, that he has been in the hospital for three days consecutively, that within 30 days of hospitalization he is admitted into the nursing home for the same condition as the hospital admission, and that need for skilled nursing or care has been certified by a physician. If you meet these five requirements, you must then choose a nursing home that is certified by Medicare. Under these circumstances, Medicare may pay for the nursing home up to the first 100 days, covering 80 percent of the bill after the first 20 days.
  
  If you have supplemental insurance, such as Medi-gap, in addition to Medicare, Medi-gap will cover the cost of the nursing home that Medicare does not pay only for the first 100 days.
  
  

Medicaid

• Medicaid is a state-run program that covers the cost of nursing homes only for people with low income and limited assets. Many people start paying for the nursing home out of their own pocket until they have depleted their savings, then Medicaid will take over and pay for the rest; however, federal laws protect your assets so that you never end up living in poverty. Even if you are not of low income, you can take steps to protect your assets in advance, though some legal avenues in this area are ethically questionable.
  
  

Medicaid Waiver Program

• People who are eligible for Medicaid and require a nursing home may qualify to receive a waiver from the state that offers the option of staying at home in lieu of living in a nursing home. In this scenario, the state will pay the majority of the healthcare and medical service bills if the individual chooses to stay at home and receive care. To find out if you qualify, call your local area agency.