Paying For Your Long-Term Care
Long-term care is expensive, and you may not have enough money to pay for it. However, many financial resources are available, so your mother can get the help she needs without significantly impacting her lifestyle or that of others, in addition through assisted living facilities or nursing homes if needed!
The cost of assisted living and nursing home care in America is very high. The Genworth survey shows that the median monthly price for an apartment with some privacy goes over $4,600 per month, while in a semi-private nursing room, fees range from around $8.5 depending on where you live. (See Genworth.com/aging-and-you/finances/cost-of-care.html; look up costs in your area.)
Long-Term Care is Expensive
If a senior doesn't have any money set aside for it, there are limited options that you can use to help with individuals needing Geriatric care. Home health, Hospice, care at home, and licensed Residential Care Facilities are some options for getting assistance from bathing and dressing basic ADLs. Given that the individual doesn't need full-time acute nursing home living arrangements.
So if you're wondering what Medicare covers, the answer is not much. It only provides limited short-term coverage (up to 100 days. Long-term care can be expensive and requires an individual to plan to reduce the future cost of care appropriately. Some states, such as California, offer Assisted Living Waivers (ALW) or Medicaid Waivers. These waivers provide payments for extended care assisted living (ALW approved California Licensed Residential Care Facility of the Elderly)
For Veterans, wartime vets and Federal Government grants assistance to seniors veterans in paying for care (Aid and Attendance). Senior vets must need help with two or more ADLs. Low-income Senior Veterans and spouses are eligible. See VA.gov/geriatrics, or contact your regional VA office or local veterans' service organization. Call 800-827-1000 for contact information.
Life Insurance
Life insurance is another option if an individual's policy offers an accelerated death benefit, allowing a tax-free advance to help pay for care. Life settlements companies buy life insurance policies for cash, continue to pay the premiums, and collect when she dies. Most sellers get four or eight times more than their policy's surrender value.
Long-term care insurance is the best way to anticipate the care you need when you are older. Buying insurance before you need it, as the policies are more expensive the older you get. Long-term care insurance pays for the cost of care in a residential facility for the elderly. The insurance also pays for home health aides, adult daycare, and other services. The benefits of long-term care insurance are many. It helps to protect your assets, as well as your family's assets. It can also help to reduce the burden on your loved ones, as they will not have to worry about how they will pay for your care. Long-term care insurance is an essential part of planning for your future.
To get more information on how to get the care you need: https://www.cacareassociation.org/contact-us
