SOCIAL SECURITY 2023 UPDATE SSI FOR NYS RESIDENTS Individual $1,001/month Couple $1,475/month MAXIMUM TAXABLE…
What if I need long term care? What if I need an aide to assist me in my home? What if I need care in a nursing home one day?
Perhaps you have thought about this at length, maybe it was just a passing thought, or maybe you haven’t thought about it at all. The truth is, paying for long term care can be very costly, and being prepared with a comprehensive plan is your best option.
Way to Pay for Long Term Care
There are three ways to pay for long term care. You can pay for your care privately; you can utilize a long-term care insurance policy; or you can access the Medicaid system.
Paying privately requires that you utilize your own funds to pay for your long term care. In some cases, Nursing Home care can cost close to $15,000 per month. For many people, paying privately is not an option.
A Long Term Care Insurance Policy
Utilizing a long-term care insurance policy can be an effective way of covering your care. Some individuals choose to purchase a long-term care insurance policy in advance of any illness or disabling event so that they can access it to cover their care in the future. A long-term care insurance policy is a policy that is purchased, wherein the policy provides that if you meet the criteria to trigger the policy, it will pay a monthly amount toward your care, for a certain period of time, to help cover the cost of your care. Each policy is different. The monthly premiums vary depending upon the coverage the policy provides. Some policies can cover your care at home, in an assisted living, and in a nursing home. A long-term care insurance policy can have varying amounts of coverage, so it is important to have your policy reviewed to make sure it will accomplish the coverage you may need one day.
Another option is accessing the Medicaid system to cover your long-term care needs. If you meet the financial and medical criteria to qualify for Medicaid, it can be utilized to cover a person’s long term care. Planning in advance is strongly recommended since there are strict financial eligibility requirements, including a look back period for both Medicaid home care and Medicaid nursing home care.
We recommend that you meet with a qualified Elder Care attorney to obtain information and discuss what plan is right for you and your family.