How Do I pay for long term care?

Strategies that help you figure out how to cope with your long term care costs. Know your options before deciding on how to fund your long term care.

One of the most common misconceptions the average person has is that Medicare will pay for long term care. Medicare will pay for temporary long term care while recovering from an injury. Permanent long term custodial care is not something that Medicare will pay for. Custodial care consists of things a person would normally do for themselves: dressing, bathing, eating, monitoring diabetes, and help using the restroom. Fortunately for those that plan ahead there is a wealth of options available to help cover long term care.

How do I pay for long term care?

This answer to this will depend on how soon long term care is needed. If long term care is not needed immediately or in the near future there are more options available. Long term care insurance is a great investment for those in their late fifties to early sixties. The closer to retirement age the higher the cost of the insurance policy. Long term care insurance premiums do not change with health changes as long as the policy is kept current. For prospective retiree for who long term care is a more immediate concern a reverse mortgage or liquidation of a home can offer a viable way to pay for long term care costs. This does prevent the retirees heirs from benefiting from their property however.

I don’t own a home, have limited assets, and don’t have long term care insurance. How do I pay for long term care?

Medicaid is a program operated by both the federal and state governments. For those with limited income and assets Medicaid can fund long term care when no other options are available to the retiree.

Related posts

1. What Does A Nursing Home Provide?
2. After I Retire, How Do I Pay For Health Care Costs?
3. How Does Living in A Retirement Community Affect My Finances?
4. What Happens To Our Money If Both Of Us Move To A Nursing Home?
5. What Kind Of Insurance Do You Need When Retiring?

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