As you or your loved ones approach the age where you may need more daily help, you’re probably thinking about your long-term care options. But, paying for nursing homes or assisted living facilities can be daunting. How do people pay for such expensive facilities? Here are a few of the options that you may want to consider.
One of the most common ways that people pay for long-term care is through Medicaid. This government aid program can help you with medical care, including long-term solutions like nursing homes. Applying for and understanding the regulations of Medicaid can be confusing and people are often afraid that they will lose their assets in the process. However, that doesn’t always have to be the case.
Long-term care insurance and some life insurance policies can help you pay for long-term care and, possibly, may also be able to help you with palliative or hospice care. This is all dependent on your specific policy, and unfortunately, these policies are becoming increasingly expensive and difficult to find.
If you are planning ahead for the long-term care of you or a loved one, you may be able to use a trust to help. Creating an irrevocable trust can help you keep your assets while still getting government aid, but you should always work with an attorney when creating one. It’s important that it’s made correctly to make sure that you get the help that you need.
Paying for long-term care can be daunting, but it’s possible. Talk to your estate planning attorney about how to prepare for care expenses and they will help you understand which option is best for you.