Long term care is a staple in the healthcare industry now as more people both young and old need the care and it can be very costly. In previous posts, we’ve discussed the various types of care available and the cost around the country. Now we need to address how to pay for it. There are various payment options and knowing how they may affect you financially is very important. Keep reading to learn more.
Everyone has the same options when it comes to planning for their future long term care needs. The issue is not everyone plans or even thinks about the need. Many people just assume if they need long term care then it will be taken care of, and it might. But the way it’s taken care of and the type of care you receive may not be what you want. By taking control and planning, you can have a say in your future care and can also help alleviate future emotional and financial stress on your those in your life. The four basic payment options are as follows, but not everyone is qualified to use each one. We’ll cover each option in more detail in future posts.
Medicaid – is a public health insurance program that provides coverage to low-income individuals that meet the income and asset tests.
Self-pay – is using your own income and assets to cover all expenses related to your care.
Long term care insurance – is a private risk mitigation tool that allows you to offset the cost of care by paying a smaller premium to the insurance carrier who then provides the larger dollar benefit, up to a limit.
Friends/Family – is depending on personal friends and family to provide the funds and care on your behalf.
Each option above will be affected by your current financial state and will also affect your financial future. Which option is right for you depends on a variety of circumstances such as: location, income level, asset level, type of care needed. This is not something that should be left to chance. So, take the initiative and give us a call to start your conversation. Not only are we Lockheed Martin retirement specialist, but we specialize in this area of planning as well. Don’t leave it to chance, call today!
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