Tips For Bargaining For Long-Term Care

Typically when a family member begins to look into long-term care for a loved one, he or she will not have a good grasp on what are reasonable prices or services to expect. Additionally, many family members do not realize that some long-term care facilities are willing to negotiate prices or amenities under certain circumstances.

One bargaining tip to keep in mind when looking for long-term care facilities is that facilities without waiting lists may be more willing to negotiate costs or forego move-in fees. If you receive a lower rate quote from one prospective facility, inform other prospective facilities to persuade them to meet the quoted rate. Additionally, though nursing homes typically will not discount their rates, they may be open to negotiating for extra amenities.

Many online resources now provide area-specific information regarding the cost of long-term care. Both Genworth.com/costofcare and MetLife’s MatureMarketInstitute.com provide information for families looking into long-term care costs. Medicare and Home Health Care, another useful resource, describes Medicare covered home-health benefits.

See Kelly Greene, Driving a Bargain For Long-Term Care, The Wall Street Journal, May 28, 2011.

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.