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OCT
2017
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How to Pay for Long Term Care

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Long term care is very costly. Even if you have an insurance policy the premiums can be somewhat high. However, what some fail to realize is how much this will save you financially, once you need long term care. Long term care is almost impossible to afford if you don’t have a policy to help cover the expenses. Paying a monthly premiumof a couple hundred dollars, or less, versus forking over almost 80K per year, is the difference between having coverage and not.

Being able to pay for long term care really boils down to being prepared early on and having a reliable policy that is affordable and will give you the coverage you need long term. Obviously, depending on the level of quality of care and whether you prefer private or public options, this can affect cost as well. Having to pay any of these expenses out of pocket can leave you in financial distress.

However, you do have options on how to afford long term care. There is many options insurance companies provide that make your long term care affordable depending on your preference.

Your options include long term care, hybrid policies, short term care, annuities, medicaid and more. The best thing you can do is learn about your options and find what is best for you.

The trend in long term care has shifted more towards hybrids, which are a combination of long term care and life insurance. These are appealing because if you end up not needing long term care, you are able to leave the money for your beneficiary.

Annuities are the least purchased product, however if you are unable to get approved for a long term care policy this is a good back up option for long term care.

Medicaid is offered once you have waited until you have no other options and usually have to hire an attorney to asses your assets. This is most common for those who have no other options and have little or no money. Medicaid facilities are usually a lot less nice than private facilities, therefore not protecting your quality of life as well as a private facility.

There is also an option for self-insurance. However, in most cases if you have the money to self-fund, you will probably get a better return on your money using an insurance solution instead. You also would most likely have to set aside assets that would require you to change your lifestyle and reduce your spending.

All in all, you just want to make sure you are getting the most for your money, and the best protection for yourself and your loved ones.

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