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The Four Ways to Pay For Long Term Care

March 26, 2015

Filed under: Estate Planning — Neel Shah @ 9:15 am

With increasing longevity and awareness surrounding elder care issues, more people are seeking out options to plan for long-term care. In the event that you or a loved one needs long term care assistance, there are four primary ways for which that case can be paid for: shutterstock_213995581

  • Self-pay. This involves the spending of personal assets to cover rehabilitation, nursing home, or at-home care. In many places, the annual cost of care is exorbitant, forcing an individual to spend through his or her assets in a few months to a year.
  • Medicare. There are a lot of misconceptions about what Medicare will and won’t cover, but you should know that Medicare only provides for short-term rehab and not long-term care or custodial care.
  • Long-term care insurance. This kind of protection cannot be purchased after you or a loved one has developed a need for care. In order for the purchase to be affordable and for the policy to be approved, you’ll need to purchase it when you’re healthy and in advance of any long-term care events.
  • Medicaid. This is the only government program that covers long-term care, but you must need rigid income and asset guidelines in order to receive benefits. An elder law attorney can help you understand what you need to know in order to qualify for Medicaid.

To learn more, contact us at info@lawesq.net today.

2 responses to “The Four Ways to Pay For Long Term Care”

  1. jitendra n fadia says:

    Dear Neil;

    Thank you for email. please provide details for clients to qualify for Medicaid. now we entering in a second generation of Indian Community and I am of the opinion may be 20 % will eligible for Medicaid however I like to know more about eligibility requirement of Medicaid

    Thank you

    jitendra fadia.

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