Long-Term Care Options
While some seniors are able to afford private care, the cost of long-term care can easily wipe out savings of all but the wealthiest families in a matter of years. Those who have planned ahead by purchasing long-term care insurance have a degree of certainty and peace of mind, knowing that they have a lesser need to rely on other sources in the future. Unfortunately, many can’t afford the high cost of long term care insurance or worse, because of age or medical conditions, cannot qualify for long term care insurance. If you do have long-term care insurance, you should be aware of what your policy covers. Many policies have high deductibles or provide for only a short period of care in a medical facility. In fact, many who have long-term care insurance still have to resort to Medicaid to pay for their care.
There are other options either in addition to long term care insurance or as an alternative to the high expenses associated with long term care insurance. I can help you to navigate the best options for you and your family, given your specific needs and financial conditions. Pre-planning for long term care is in everyone’s best interest as the cost continues to increase and the number of people who need long term care increases too.