Do you believe that your spouse or family member needs the support of ongoing nursing home care? If this is currently something impacting your family, you probably have many questions around the process and what option to pay makes the most sense for your situation. Whether you have a family member struggling with an Alzheimer’s diagnosis or a physical ailment, planning ahead for long term care gives the most options.
Private Pay
It surprises a lot of people that long term nursing home care is not covered by Medicare. You will need to self-pay for that care. Depending on your retirement savings, this could decimate all the hard work you’ve put into setting aside money. Your spouse could be left with little to nothing if you require long-term support such as a stay in a nursing home. Since a nursing home could cost up to $180,000 per year, it’s not recommended that you rely on private pay as your sole mode of funding unless you know that you’ll have enough assets to provide for your care. The good news is that most people do have other options for pay for long term care.
Long Term Care (LTC) Insurance
Most people have heard of LTC insurance, but they don’t know how to get it or how to tell if they might qualify. LTC insurance has become harder to find in recent years, as many LTC carriers have changed their policies and increased their rates. Furthermore, if your loved one is much older, they might not be able to get LTC insurance at all. Those with advanced healthcare concerns already won’t qualify for LTC benefits, either, so this is an in-advance approach for those looking into the future.
Medicaid
Medicaid is one of the ways that most people assume they’ll be able to cover their LTC costs. However, not everyone is prepared to tap into Medicaid benefits right away. If you think you may end up running out of assets and needing Medicaid, you should speak with an experienced Medicaid planning lawyer in Massachusetts about how what it takes to meet eligibility requirements.
Medicaid is designed to help those who are impoverished pay for their care. There are many complex aspects of meeting Medicaid eligibility requirements, but a Massachusetts elder law attorney can guide you through this process.
