In addition to providing health insurance coverage to qualifying individuals, Minnesota Medical Assistance may also cover the costs of long-term care, including home health services and nursing homes. STEP 3: Place Liquid Assets Into An Annuity. Long-term care insurance is designed to lower out-of-pocket expenses for stays in a broad range of care settings, including nursing homes and assisted living facilities. Another option is to seek assistance from your state's agency in the the National Association of Area Agencies on Aging . Using Private Insurance to Cover Nursing Home Care. In each, you’d live there full time and have access to nursing and medical care, as well as help with daily tasks 24 hours a day. These nursing homes are expensive, averaging approximately $8,800 per month in California (or $10,600 for a private room). Skilled nursing facilities are residential facilities that offer round-the-clock skilled nursing care in addition to other supportive services. Extended nursing home care can eat up your or your loved one's savings quickly—many people exhaust their finances after just six months. If you meet the requirements for home health care, Medicare generally covers part-time, intermittent home care nursing and other medical therapies, such as physical and occupational therapy. As it is a separate program, Medicare does not pay for long-term nursing home care, although in some cases, the insurance will cover a short-term stay (under 100 days) in a nursing home. Medi-Cal for Nursing Home Residents. No, but both will assume and, in a matter of speaking, encourage a family to sell the home to private pay the nursing home cost before Medicaid begins to cover some of the necessary care. You may be able to get VA benefits to help pay for nursing home care. A fraction of them—about 5 percent—buys long-term care insurance, which covers the cost of a nursing home or other extended care. You can get nursing home care in 1 of the 3 different nursing home settings listed below. According to Genworth's Cost of Care Survey, on average in the United States, a private room in a nursing home costs $8,365 per month, or $275 a day.For a semi-private room, the average cost of a nursing home is $7,441 per month, or $245 a day. Note If you get services from a home health agency in Florida, Illinois, Massachusetts, Michigan, or Texas, you may be affected by a Medicare demonstration program. Some states, such as Colorado, do not count periodic payouts from annuities when determining Medicaid eligibility. So, can the nursing home or Government/Medicaid take your home. If you enter a nursing home within that five-year window, however, you may incur a financial penalty for transferring property that would otherwise have been available for estate recovery. 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