If you’re like most people, you have concerns about your ability to pay for long term care should you or a loved one need the support of long term care in the future. With nursing homes costing more than $130,000 per year in New York City, your concerns are well founded.
Long term care refers to care in your home, assisted living facility, or a nursing home when you can no longer care for yourself. There are four main ways to pay for long term care; and one of the ways is so limited, we really should call this article, “3 Ways to Pay for Long Term Care.”
1. Private pay
Private pay means that you pay for long term care out of your own savings and/or income stream.
2. Long term care insurance
Long term care insurance pays for your care in a long term care facility such as a nursing home or assisted living facility. It also pays for your care at home.
While the premiums are somewhat hefty, all of what you pay in premiums over the years will likely add up to less than the cost of one year in a nursing home. The average nursing home stay is three years.
Medicaid is the government’s health care plan for the poor. If you are eligible, Medicaid will pay for your long term care. Elder law attorneys help families qualify for Medicaid without losing all of their assets.
4. Medicare XXXXXXX
Medicare pays so little of long term care expenses and there are so many qualifications to receive payment that we thought of not even including it in this article. Your best bet is to not count on Medicare and if you receive any long term care benefits, consider it a bonus.
Planning for long term care is part of the estate planning process. Jot down all of your long term care questions and concerns and call our office. Our qualified elder law team helps people just like you.