How Will You Pay For The Cost Of Care? ? Elder Care Solutions of MI

I have had several conversations this week with family members?families about how they will pay for the cost of caring for an older adult.? Whether someone brings help in to their home, or moves to an assisted living, memory care community, or even a skilled nursing facility, the costs can add up very quickly.? Often times people mistakenly believe that Medicare will cover all their needs, however this simply is not the case.

There are five possible funding sources that can be used to cover the costs of any long term care needs we, or our loved ones may have:

1. Personal assets i.e. savings and investments
2. Medicare for short-term qualifying expenses only
3. Medicaid for nursing home residents who qualify
4. V.A. benefits for veterans and their spouses who meet eligibility requirements
5. Long-term care insurance for policy holders

Whether you speak with a qualified financial planner or elder law attorney, it is a good idea to start thinking now about what you need to put in place in order to maintain quality of life as you age.

Calling my financial planner,

?Lynn

Tags: Adult Children, aging, Baby Boomers, Long Term Care Insurance, Medicare, Seniors

Source: http://blog.eldercaresolutionsofmi.org/index.php/2013/02/how-will-you-pay-for-the-cost-of-care/

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