Medicaid Planning

Long Term Care

Explains what long-term care is and discusses a few things you can do to prepare yourself for long-term care you may need down the road.

Long-term care is basically the care you will need when you are unable to care for yourself. This includes any home health care you may need, or any care you may receive in a nursing home.

Like many older people, you’re probably afraid that you’ll have to go to a nursing home someday. This lifestyle change is a huge adjustment to make—it not only means giving up a lot of your independence, but it also means you’ll have to hand over a huge chunk of your finances to pay for your care. Depending on your location and the level of care that is needed, it could cost you between $40,000.00 and $80,000.00 per year to stay in a nursing home.

Most people pay for their long-term care out of their savings until the money runs out. Then they can qualify for Medicaid and have their care paid for by the state. It is to your advantage to be able to pay for your long-term care yourself, as you are likely to be staying at a higher-quality facility. By paying for your own long-term care, you will also be able to avoid all the hassles of dealing with government bureaucracy.

Unfortunately, these benefits will be at a much greater financial price. Careful planning is necessary, long before you might actually need to receive long-term care, to ensure that your estate is protected, either for your spouse or for your children. You can do this by purchasing long-term care insurance now or by finding out how to receive benefits under the Medicaid program in your state.