Have you thought about how you might pay for long-term care? Do you think that Medicare is an option? What does long-term care insurance cover?
These are questions that many individuals young or old may ask themselves.
There are several ways to pay for long-term care, 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 assisted living or memory care:
- Private (Savings, Pension, IRA, etc)
- Long-Term Care Insurance
- Veteran’s Aid & Attendance
Private pay is pretty straight forward as you simply write a monthly check or have it direct 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. It can cover partial or full, short-or long-term, and some even have a lifetime value. If you are young and thinking 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 a way that many veterans and their spouses or widows can attain assistance. If you or your spouse have served in the armed forces during a certain time frame, fall under a financial parameter, and need some type of assistance for activities of daily living, then this monthly aid can be a way to help pay.
Medicaid is an option if there is little or no money remaining. There are a number of senior living communities that will accept Medicaid upon admittance and some that 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, our free Senior Living Alternatives service can help review your finances and find the best way to pay for your long-term care. Contact our Senior Living Advisor today who will help pave the way or navigate through any of these payment options.
Useful resources about paying for long-term care: