It’s your hope that you never have to pay for long-term care, but it’s critical that you have a plan in place for doing so. This way, if the time does come, it’s one less thing for you to worry about. You’ll know exactly what you need to do.
There are several ways to pay for long-term care, with these options among the most common:
- Medicaid: If you qualify for Medicaid, it’s typically the best way to pay for long-term care. Remember, Medicare doesn’t pay for long-term care. It’s only good if you require short-term care.
- Long-Term Care Insurance: With this type of policy in place, you know that you’ll have financial protection should you require any type of long-term care in the future. When buying a policy, be sure that you carefully review the terms and conditions. Pay close attention to details such as maximum policy benefits.
- VA Benefits: If you qualify for VA benefits, you may soon come to find that you can obtain long-term care at a deeply discounted cost. When combined with other ways of paying for long-term care, this may be just what you need.
- Personal Assets: It’s not the best idea, as you want to leave your personal assets to your loved ones, but it may be something you have to consider. If none of the other options work for you, personal assets often come into play. This can include everything from the money you have in the bank to your home.
The main thing to remember is that you should plan for this as far in advance as possible. By doing so, you’ll know which steps to take should you require long-term care.
If you have any questions about long-term care, Medicaid planning, or other related details, contact us to share your circumstances and receive professional guidance.