In the golden years of life, everyday tasks can become demanding, tiring,
or simply impossible without someone else’s help. There is no shame
in getting older, it is unavoidable. But that doesn’t mean it should
be uncomfortable. Finding long-term care for your elders is a great way
to set them up for a happy and healthy life, but it can get expensive
quickly. From medication and daily meals to specialized care and nursing
home facilities, the costs are plenty.
If you are wondering how you will pay for long-term care for your elder,
consider these common options:
Private finances: Retirement plans, pensions, and personal bank accounts are frequently used
to pay for the cost of long-term care. Sometimes selling large portions
of the elder’s property is necessary, such as a home or business.
While this is not exactly ideal, it is unavoidable in many circumstances.
Government insurance: Out of the insurance programs the government provides, Medicaid and Medicare
are the two most common and popular. Depending on your elder’s health,
age, and needs, qualification into either program may vary, as well as
the monthly amount granted. Furthermore, most insurance plans require
that a large portion of personal savings are spent first before coverage kicks in.
Military service: An elder who has served their time in the military often qualify for special
programs by virtue of their service record. The United States Department
of Veterans Affairs may be able to provide benefits to pay for some or
all of long-term care.
Trusts: While it might not be a direct way to find money for long-term care, it
should be noted that forming a living trust can make it much easier for
family members to manage an elder’s money and estate, especially
if they have become mentally incapable of caring for their own possessions.
Even with all the answers laid out in front of you, sometimes it is understandably
difficult to determine which one should be your final choice. If you are
hesitant to make the call on how your elder’s long-term care will
be paid for, know that our Aurora
elder law attorney at The Moodie Law Firm can help you. With our assistance, we
can review your finances, the needs of your elder, and even the condition
of the care facilities in your area. Ultimately, we want you and your
elder to reach a comfortable solution that benefits everyone.
Dial (303) 578-3940 to
request a consultation today.