It’s your hope that you never have to pay for long-term care, but neglecting to plan for this is one of the biggest financial mistakes you can make. Should you put it on the backburner, there may come a day when it sneaks up on you. And if that happens, you may find yourself scrambling for the best way to pay for care.
Everyone is dealing with their own financial circumstances, so there’s no one size fits all approach to paying for long-term care. However, there are several options to consider, all of which could work for you. When you think about your options upfront, it’s easier to plan for the future.
- Medicaid: Whether or not you can rely on Medicaid depends on one thing: if you’re eligible. If you currently receive this government benefit, it can help pay for long-term care should the time come. But even if you don’t qualify today, that doesn’t mean you won’t in the future.
- Long-term care insurance: This isn’t the type of insurance policy you buy right before you realize you’ll need it. Just like every other type of insurance coverage, you buy a long-term care policy in advance, hoping that you never use it but knowing it could be a possibility. When you’re young and healthy, it’s easiest to qualify for affordable long-term care coverage.
- Personal assets: It’s not the preferred way to pay for long-term care, but it’s an option if nothing else is available to you. For example, you can use money you’ve saved to pay for care in a nursing facility.
Now that you have a better idea of how to pay for long-term care, you can begin to formulate a plan for your future. If you need help, don’t hesitate to contact us. We’ll make sure you create the perfect long-term care plan for you, your finances, and your family.
- Navigating the Pitfalls of Beneficiary Designations in Estate Planning - February 22, 2024
- Estate Planning and Farming: Passing on the Family Farm - February 21, 2024
- Estate Planning with Entities - February 20, 2024