How to Plan Ahead for Your Long-Term Care Needs

We are all living longer, and that means more and more of us will need long-term care, such as care provided in a nursing home or by in-home services. The costs of such assistance can be overwhelming, but good planning can help you prepare. What does that planning involve?

First, you should understand what Medicare and Medicaid cover and what they do not. Medicare’s coverage for long-term care is limited. It generally only pays for about three months of nursing home care immediately following a hospitalization, and copays may apply. Meanwhile, Medicaid will cover some long-term care costs, but to be eligible, you must exhaust virtually all of your personal resources. If you are married, this could create complications for your spouse, who may not have the assets or income to live on if you enter a nursing home.

With that in mind, consider whether you need long-term care insurance. Bypassing long-term care insurance might be reasonable if you have significant assets, in which case you can likely afford to set aside enough money for years of care while still leaving enough to support a spouse. It might also be a reasonable choice if you have few assets, in which case you will qualify for Medicaid soon after entering a nursing home. If you fall somewhere between these extremes, however, you may want to consider long-term care insurance.

Please reach out today if you have any questions about whether long-term care insurance is right for you or you need assistance shopping around for a policy. I can help.