How to Pay for Long-Term Nursing Care

The price of long-term care is skyrocketing with each passing year. The average cost of adult daycare is approximately $1,603 per month, confirms a report by ConsumerReports. The cost is estimated to double in the next 10 years. In such a dire scenario, it is normal for folks with aging parents to wonder how they are going to be paying for the long-term care of their parents. This article sheds light on how to pay for long-term nursing care. 

Here’s how you can pay for long-term nursing care

#1 Sell off your personal items you don’t need

Before reading further, kindly note that selling off your personal stuff is only an option when you are not able to collect funds to pay for your parent’s long-term care. Also, this option is for those who need money on an urgent basis. By selling stuff that you don’t need, you will be able to pay for bills that need to be paid right away. 

What can you sell that can generate income right away? There are mainly two types of items that generate fast income: tangible items and non-tangible items. 

Tangible items include things that you can touch or hold in hand. For instance, electronic gadgets, vehicles, jewelry, collectibles, artwork, etc come under the tangible category. 

On the other hand, non-tangible items can be things that you cannot touch but the ownership can be verified on a piece of paper. Stocks, digital property, and insurance policies are some examples. The items that come in this category can be easy to sell as the transaction takes place online. 

#2 Home equity loan

A home equity loan can help you pay for long-term nursing care— provided you or your parents own a home. It won’t be a bad idea to borrow money from a lender by leveraging a home.

This can also be a good option for those who do not have a mortgage. You can pay off the debt easily while your parent receives the care he or she needs. I recommend consulting a financial advisor if you are seriously considering a home equity loan. These decisions are not easy and you most certainly need expert advice. 

#3 Reverse mortgage loan

Not all young caregivers own a home. If you are a young caregiver to your aging parent, and you need funds for your parents’ long-term care, you must talk to your parents about getting a reverse mortgage home. 

A reverse mortgage loan is similar to a home equity loan but you don’t have to worry about repayments. You either move out of the home or sell it. It is your parent’s home that will be leveraged for cash. 

A reverse mortgage loan is suited for aging individuals who own more than one home. They can apply for a reverse mortgage loan by leveraging their second home. Your aging father or mother can convert their home equity into cash and use it for their medical expenses.

Needless to mention, your parents (and other members who live with them) will have to move in with you (in your rented home). This arrangement suits young caregivers who are unable to take care of their aging parent’s medical expenses. 

#4 Insurance coverage 

If you are a caregiver, I am assuming your aging mom/dad or both are insured. However, no health insurance plan covers all expenses involved in eldercare. You most certainly have to purchase more than one plan. 

A health insurance plan is one of the best ways to pay for your parent’s long-term care only if you know how it works. You must squeeze the most benefits out of 3-4 tried and trusted plans. I suggest you learn about the several health insurance plans available out there. 

Medicare can cover expenses such as doctor visits, medicines, medical care equipment, and physical/mental therapy. You no longer will have to worry about how much the doctor will charge for each visit, which in my opinion is a great relief for young caregivers. 

However, Medicare does not cover nursing homes, long-term assistance facilities, residential care, professional caregiver services, etc. For that, you can go for government-funded schemes such as Medicaid, or Area Agencies on Aging. Wartime veterans can opt for the Veterans Pension program that provides funds every month to those in need. 

#5 Nonprofit assistance programs

There’s no shortage of free-of-cost services that can either offer or pay for a long-term care facility. Non-profit organizations help people with a specific conditions. 

You will find several non-profit assistance programs for conditions such as Alzheimer’s disease, Huntington’s disease, Parkinson’s disease, and other forms of Dementia. 

If your aging mother or father is suffering from a particular condition, make sure to look for a non-profit assistance program created for that particular condition. For instance, the Alzheimer’s Foundation of America provides free-of-cost resources, facilities, and services to Alzheimer’s disease patients and their families.


It can be challenging for a young caregiver to pay for his or her aging parent’s medical expenses. When you are young, you want to focus on learning about the world, education, traveling, and growing as a person. Or you might want to focus on your career or business. 

But unfortunately, you have found yourself in a situation where you have to generate cash to pay for your aging parent’s care. I am hoping you are now aware of the options out there.

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