The long-term care costs of assisted living can vary depending on the payment method. No matter if you are planning your own future or helping care for a loved one, you need to know a thing or two about long-term care costs assisted living.
Evaluating the LTC Costs of Assisted Living
How are you going to pay for long-term care? The answer to this question is going to greatly determine how much money comes out of your pocket.
If you have long-term care insurance or are thinking about purchasing a policy, it is important to know how much your plan will pay for based on the type of assisted living you may need. When helping a loved one determine which type of assisted living is best, as well as with the financial burden, make sure you check to see if they have long-term care insurance
Some people opt against buying long-term care insurance. Instead, they have decided to pay with their retirement funds should something go wrong. While this is common, it is a plan that can backfire if you need to receive care for an extended period of time.
Medicaid is a medical service program for families and individuals with low income. Your state makes the final determination on whether or not long-term care costs of assisted living are covered by Medicaid.
How you plan on paying for long-term care and assisted living services will greatly affect just how much money comes out of your pocket. You have three primary options: long-term care insurance, retirement funds, or Medicaid. Don’t forget, you can combine more than one of these to ensure that you have enough money to receive the appropriate level of care.