Tips in Paying for Long Term Care

paying_taxesWhen you get older and you do not have any one to take care of you, one option you could take is get long term care. A lot of people nowadays also need these services, according to studies; seven out of ten old people are in need of long term care for a few years, and about 93% of seniors have not yet planned anything concerning long term diseases.

Paying for long term care is one of the biggest concerns of people who are trying to get this policy. Here are some options to help you in thinking on how you could afford a long term care policy.

Medicare provides help by paying skilled nursing, but this is only for 100 days or the length of time of your rehabilitation. People tends to think that this provides long term care, but it does not for it can only accommodate ample amount of time and it is best that you make a transition plan if you are to exceed your allotted time using Medicare.

Three realistic ways to pay for long term care:

  1. Shoulder the payment coming from your own pocket.

–          A common nursing home stay could last for 4 years, and an average room can cost up to $7,000, resulting in a total of about $200,000! Only a few can afford this kind of way in paying for long term care, so it is just easy to say that doing this is close to impossible.

  1. Purchase long term care insurance.

–          Purchasing long term care insurance is a great idea to take if you are still young and does not have any diseases or any ailments. An average premium could cost from $200 to $300 paid monthly, and if you are already married, the cost would double because both of you are paying for that insurance policy. If you have a major illness or disease, you might not even get to be approved by the insurance company. Some insurance policy can only pay you with two thirds of the original amount of what you paid, so shouldering other expenses on care is to be expected.

  1.  Get government benefits.

–          The last option is to get benefits from the government through the Federal Medicaid Program or known as Medi-Cal in California. This program offers services like in-house care and nursing homes for the elderly. Families who avail this program were required to pay $2000 and that their house would be taken from them when the death of their loved one is done. Good thing is that in Medi-Cal, there are ways on how to protect your assets, but you will have to ask for professional help.

It is also advisable to look up for additional information regarding long term care from resources of nursing home help. All of these tips in paying for a long term care can really help you if you are already planning on getting a long term care for the preparation for your senior years.



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