Considering Your Care Options

Once you understand the potential financial risk associated with Long-Term-Care, the next step is to determine how you would pay for care if you ever need it. Unfortunately, there are many misconceptions surrounding potential funding options. It is important that you are able to separate fact from fiction, so that you can make an informed decision about your future.

 

What are some of the most common misconceptions about paying for Long-Term-Care.

My health/disability insurance has me covered…

  • Health insurance is intended to pay for acute or short-term illness, not the kind of care you may need for an extended period of time.
  • Disability insurance replaces your income when you are unable to work, but cannon address your potential long-term needs.

Government programs will pay for my care…

  • Medicare will consider paying for long-term care services for up to 100 days following a hospitalization, if skilled care is being received. However, many common reasons for needing care, like Alzheimer’s Disease, do not require either hospitalization or skilled care.
  • Medicaid is a stat-bases program that requires that you spend down you assets to the poverty level before you become eligible for benefits. There are also limits on allowable income.

Family members can be my caregivers…

  • Children may be able to offer you some support, but if they live far away, they may not be able to meet your day-to-day care needs.
  • Even if they live nearby, you may not feel comfortable with having a son or daughter assist you with some of the more personal aspects of your care.

I can pay for care out-of-pocket…

  • You may be in a position to pay for your care out-of-pocket, but that may not be the way you want to use the funds you have set aside for you future plans.
  • Costs can be high and can quickly deplete even a significant amount of savings, potentially causing stress for you and your loved ones.

 

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