3 ways to pay for long-term care
Posted on October 24, 2022 by shieldsandboris
The #1 issue facing seniors today is the cost of long-term care.
With costs ranging from $8,000 - $13,000 per month for an individual in a skilled nursing facility, many people are left wondering "how I will pay for that?"
Fortunately, there are some ways to plan for and stretch your dollars for long-term care costs.
- Insurance - People who took out long-term care policies years ago may have the best chance at getting help towards the cost of long-term care.
Often the policies in place will pay a portion of the healthcare costs if a medically needy person has been placed in a skilled nursing facility. The downside of these policies is sometimes the coverage does not meet the cost of the facility and can leave the family, or individual, responsible for the remainder of the cost. - Private Pay – This is what most families are trying to avoid.
They do not want their loved ones to spend their life savings on long-term care costs. But in some instances, where assets are over the limits, spending your loved ones hard-earned money is the only way to ensure they get the proper care they need. - Need-based Government-funded programs – The Medicaid program and the Veteran's Benefits program help fund care for those who prove medically and financially needy.
In the case of Medicaid, a qualified individual may find that the program covers the entire nursing home bill, and very little out-of-pocket is required.
If you have concerns about how you will cover long-term care costs, contact our office. We will discuss your individual circumstances and help you develop the best plan for saving assets and funding your long-term care costs.
We specialize in educating and helping you protect what you have for the people you love the most. Contact us to learn more about how we can help you and your family.
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