Paying For Long-Term Care - Exploring Your Choices

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Because Americans today are living significantly longer than just a few decades ago, a greater number of Americans are requiring long-term care than ever before. In fact, agreeing to up-to-date statistics, seven out of ten seniors will require some type of care; four out of ten will require care for two years or more! And it is estimated that 93% of seniors have made no plan for a long-term illness. So, let's discuss your options.

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Most seniors think that Medicare pays for long-term care. While it does pay for skilled nursing, the limitation is the distance of your resumption or 100 days, whichever is less. So Medicare provides a short term, not long-term solution. If person you love is in a nursing home on Medicare, it is urgent to generate a transition plan. Please visit our website for info.

There are three realistic methods to pay for care:

1) pay out of pocket,
2) buy long-term care insurance, or
3) get government benefits.

Let's survey them.

The median nursing home stay lasts 2.4 years, agreeing to MetLife. In California, a semi-private room in a installation is over ,000, manufacture the total costs about 0,000! Few of the seniors we counsel have saved that kind of money, so paying out of pocket is impossible.

Buying long-term care insurance is an choice if the senior is relatively young and salutary still. But premiums often are 0-300 per month - twice that for married couples. On a fixed income, that can be a challenge. And if you've had a major health incident, you might not be eligible at all. Most policies will pay for only about two-thirds of the expenses, so you still should expect some out-of-pocket costs.

The third choice is to get government benefits. There is a lot of confusion and misinformation concerning this option, but it does exist. These benefits exist straight through the Federal Medicaid program, which we in California know as Medi-Cal. These programs pay for many forms of long-term care for the frail elderly, together with in-home care and nursing homes. Most families who apply on their own are told they must spend down to ,000 and that their home will be jeopardized by an after death estate claim. The good news is that Medi-Cal asset safety [http://help4medi-cal.com/No-Spend-Down.html] exists for savings and home both. If you have assets, you will probably require pro help. However, benefits do exist to pay for long-term care. You can also find resources for nursing home help. We strongly encourage you to study this option.

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