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What Assistance Is Available To Help Pay For Care?

Paying for Senior Care is a very important issue that every family needs to deal with. There are many financial questions that need to be answered, as part of the overall search for the best solution for your loved one.

Author: Albert Simpson
Date: Nov 14, 2009 - 12:59:46 PM

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Paying for Senior Care is a very important issue that every family needs to deal with. There are many financial questions that need to be answered, as part of the overall search for the best solution for your loved one.

    * How much money does the parent have saved for retirement?
    * Are there assets that can be used towards senior care costs?
    * What do Medicare, Medicaid and Medigap pay for, and does my loved one qualify?
    * Do you have long-term care insurance and if so – what does it cover?
    * Do you have, or should you get Medicare Supplemental insurance?
    * Do we need to hire a financial advisor, and if so - how?
    * What about a will?
    * Who pays for geriatric care services?
    * What will my VA benefits cover?
    * Does Your State Accept Medicaid for Assisted Living Facilities?
    * How much do the various facility types cost? And what are the differences? When searching for facilities on OurParents, make sure that you look at the starting prices when comparing facilities.
    * Is it more expensive to go to an assisted living facility or is it better to stay at home and provide In-home care?

Planning for long-term care is complicated. Each person's needs are unique; therefore, the cost of long-term care varies greatly. Some social and physical assistance is available for free or at a low cost, while very expensive nursing home or home health services can cost upwards of $200 per day. There are many different ways to finance long-term care. You will probably need to use a combination of payment sources, which may include Medicare, Medicaid, long-term care insurance and other programs, in addition to your own resources.
It is recommended that you  consult a professional such as an elder law attorney, financial planner or an accountant when planning for long-term care; this person should be well versed in estate planning, public programs like Medicaid, and the issues and needs of older persons..
Here are many of the options that may be available to you to help pay for senior care:
Medicare, which for long-term care, covers some skilled nursing care either in a nursing home or in the home along with hospice care.
Medicaid, the partially federally funded, but state-operated program provides medical care for certain low-income individuals and families who have limited resources. Medicaid usually covers nursing home care, but in some states funding is available for assisted living, homecare or home health care.
Medicare A & B enrollees who are not Medicaid recipients can sign up for and covers some nursing home care.
Managed Care (HMO) provide enhanced services for nursing home care above Medicare's basic offering along with additional medical assistance outside of long-term care.
Long-term Care Insurance (LTCI) can cover anything from non-medical homecare to nursing care; however, it depends on the type of policy you purchased.
Veterans Benefits will cover adult day health care, home health care, respite care and hospice care.
    

My Albert Simpson has been actively involved in OurParents - Find the Best Nursing Homes, Assisted Living and In-Home Care
 - and is very keen to continue working on it.

View all articles by Albert Simpson

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