Have you thought about how you might pay for long-term care? Do you believe that Medicare is an option? What does long-term care insurance cover?
These are questions that many individuals, young or old, may ask themselves about paying for long-term care.
There are several ways to pay for care as you age, but Medicare is not one of them. Medicare is an insurance offered to individuals 65 and over. It will help cover medical visits, hospitalization, rehabilitation, and prescription medications only. Depending on the type of plan you acquire will determine how much is covered.
There are four primary ways to pay for long-term care:
- Private (Savings, Pension, IRA, etc.)
- Long-Term Care Insurance
- Veteran’s Aid & Attendance
Private pay is pretty straightforward. You write a monthly check or have it directly deposited from your bank account to the senior living community.
Long-Term Care Insurance
Long-Term Care Insurance, on the other hand, comes in many different ways, shapes, and forms. This type of insurance can cover partial or full, short, or long-term. It can even have a lifetime value. So, if you are young and think about your future, your best bet is to purchase a life insurance policy that will deduct for long-term care when and if needed.
Veteran’s Aid and Attendance
Veteran’s Aid and Attendance is how many veterans and their spouses or widows can attain assistance. If you or your spouse have served in the armed forces during a specific time frame, fall under a financial parameter, and need support for daily living activities, this monthly aid can be a way to help pay.
Medicaid is an option if there is little or no money remaining. There are several senior living communities that will accept Medicaid upon admittance. Some require you to pay privately for a set number of months before rolling over.
If you are considering a move to the next place to call home, we can help. Our free Senior Living Alternatives service can help find the best way to pay for your future plans. Contact our Senior Living Advisor today. We are happy to help pave the way or navigate any of these payment options.
Useful resources about paying for care as you age: