Planning for long term care is complicated. Each person’s needs are unique, therefore, the cost of long-term care varies greatly. Some social and physical assistance is available for free or at a low cost, while very expensive nursing home or home health facilities can have an expense of $200 per day or maybe even more. There are many different ways to finance long-term care. You may need to use a combination of payment sources, which may include long-term insurance, Medicare, Medicaid or other programs, in addition to your own resources.
It is essential to consult a professional such as an elder law attorney, financial planner or an accountant when planning for long-term care, this person should be well versed in estate planning, public programs like Medicaid, and issues and the needs of senior citizens. These long term care professionals often work as a team. Gilbert Guide recommends getting a second opinion before making any final decision especially on financial matters. Check out our Learning Centers and Expert Columns where our long-term care experts point you in the right direction, raising awareness of the issues you need to know about when planning for your future.
Here are many of the options available to reimburse for senior care: (Click on the links below to see what else is covered outside of long-term care.) Medicare, which for long-term care, covers some skilled nursing care either in a nursing home or in the home along with hospice care. Medicaid, which is the partially federally funded yet state-operated program provides medical care for certain low-income individuals and families who have limited resources. Medicaid usually covers nursing home care, however for some certain states, funding is available for assisted living, homecare or home health care.
Medigap, which are policies available to Medicare, A & B enrollees who are not Medicaid recipients have the option to sign up for and covers some nursing home care. Managed Care (HMO) provide expert services for nursing home care which is above Medicare’s basic offering along with additional medical assistance outside of long-term care. Long-term Care Insurance (LTCI) can cover anything from non-medical homecare to nursing care; however, it depends on the type of policy you purchased. Veterans Benefits will cover adult day health care, home health care, respite care and hospice care.
