Long Term Care
What is Long Term Care?
Long term care is a general term for the care that is required by people who are not able to perform Activities of Daily Living (ADLs). This includes people with a degenerative condition, such as Parkinson's, a prolonged illness, such as cancer, or cognitive disorder, like Alzheimer's. Sometimes, long-term care is also required by people who are recovering from a serious accident or illness. Not only seniors require long-term care--people in their 50s, 40s, or even younger may fall into a situation where they need prolonged living assistance.
Long-term care can come in many forms. It can take place in one's own home, in a nursing home, or in an assisted living facility. Where a person is cared for can depend on numerous factors, including financial status, health condition, and availability.
Paying for Long-Term Care
There are several ways in which to pay for long term care. They include cash, Medicare, Medicaid, and long-term care insurance. Be sure to assess your own financial situation when deciding how you will pay for your long-term care. Keep in mind that the earlier you start planning for your long term care, the easier it will be to pay for it.
Paying with Cash:
If you are relatively wealthy, this may be a feasible option for you. A stay in an assisted living facility or care in your own home can range in price from $50,000-$100,000 a year. Rates vary from state to state, so do some shopping around before deciding on a facility. Please be aware that the average stay in a nursing home is 2.5 years according to Elderweb.
Medicare
Medicare is a form of health insurance for older adults. This will pay for some services, such as doctor's services, outpatient hospital treatment and some in home care. It will cover some, but not all care in a skilled nursing facility. Visit www.medicare.org for all the information you need on Medicare.
Medicaid
Medicaid will ultimately pay for your long term care expenses, but is not available to you until the majority of your assets have been depleted. Medicaid is similar to welfare for the elderly. For more information on Medicaid, visit cms.hhs.gov/medicaid.
Long Term Care Insurance
Long-term care insurance is one of the best ways to ensure that your long-term care will be covered. It allows you to protect your assets, rather than spending all of your savings on your medical costs, and the earlier that you buy long term care insurance, the cheaper it ultimately is for you. For more information on long term care insurance, visit LTCInsurance.com. At any time, feel free to Request Your Free Long Term Care Quote.
Request Your Free Long Term Care Quote.