How often should i keep a band aid over an ingrown toenail where the skin on the outside is red and is hurting?

Needs drainage?: This is called a paronychia, or infected ingrown nail. It may need to be drained, and/or antibiotics. You should have this looked at by your primary care doctor within the next day or two. It's more urgent if it's getting worse. In the mean time, soak it in warm water with Epsom salt for 5-10 minutes 3-4 times per day. It may need more than a bandaid. Hope this helps!

Stop Pushing.: It sounds like your toenail is acutely inflamed and undoubtedly will soon become infected. Applying pressure from the outside might tend to speed up this process. You would be best served by having either an extremely talented family member or a foot specialist trim the nail so as to remove the offending portion. After that decide as to whether the nail should be fixed permanently.