• Mary Sizemore

Who Pays For Long-Term Care Services When Needed?

  1. Self – Pay: the most obvious choice but be prepared to pay!

Here are the national median costs for some of the more popular services:

  • Home Health Aide - $60,000/year – projected to be $126,000/year in 2046

  • Assisted Living - $60,000/year – projected to be $124,000/year in 2046

  • Private Room Nursing Home Facility - $115,000 – projected to be $242,000 in 2046

Source: Mutual of Omaha Cost of Care

Remember if you choose this option, you will have to decide what asset you will use to pay these costs listed above.

Click here to calculate cost for your area: Cost of Care

  1. Government Benefits; Medicare, Medicaid:

Medicare will not pay for your long-term care. This is a big misconception! Although Medicare covers some home and nursing home care, it is only for rehabilitation purposes and not categorized as long-term.

You can also pursue their state-run Medicaid program to cover long-term care expenses. But qualifying for Medicaid is based on federal income and asset guidelines. In many states, you will have to spend-down most of your assets to qualify. If you are considering this route, it is best to meet with an Elder Attorney that can guide you through this qualification process.

  1. Long-Term Care Insurance

This choice has been around for decades and remains one of the most affordable options. Today, there are traditional policies or asset-based policies that are tied to an annuity or life insurance policy. It’s best to work with a LTCi specialist that can pre-qualify you for both health and financial suitability.

For more information on the options for paying for long-term care services, please contact one of our LTCi specialists at 1-800-945-1953.

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