More seniors and families looking into long-term care solutions have found that the cost can be quite shocking. In the early stages of planning for long-term care, there are two questions that must be considered. First, what long-term care options are available? Second, how will I pay?
The first step is assessing long-term care options. Long-term care options include nursing homes, private duty home care, assisted living communities, adult day care and residential care home placement.
The misunderstanding comes when individuals assume that Medicare will cover the cost of long-term care. While it is true that Medicare covers skilled nursing or rehabilitative services for a short period, seniors need to prepare to cover all long-term care costs out-of-pocket. Medicaid can assist in paying for a portion of care. However, financial and level-of-care requirements need to be met in order to be eligible.
Doing the groundwork financially for long-term care is just as crucial as planning for other aspects of senior life. Successful planning leads to more options and less stress if long-term care becomes necessary in the future.