How Will You Pay for Long-Term Care?
If you are like most people, you probably haven't given much thought to how you will pay for long-term care. The truth is, it is something that we all need to think about sooner rather than later. The cost of long-term care can be prohibitive, and the options available to us are not always clear. In this blog post from Derby Health & Rehab, we will discuss the different ways that you can pay for long-term care, and help you figure out which option is best for you!
One way that you can pay for long-term care is through your health insurance. If you have a private health insurance plan, you may be able to use it to cover some of the costs associated with long-term care. However, it is important to check with your insurance provider to see what is covered and what is not. Some insurance plans will only cover a certain amount of time in a nursing home, or may not cover custodial care at all.
Long-Term Care Insurance
Another way to pay for long-term care is through long-term care insurance. Long-term care insurance is a type of insurance policy that covers the costs associated with long-term care. These policies can be purchased through private insurance companies, and they typically have to be bought before you need care.
Medicaid is a government-sponsored program that provides health coverage for low-income individuals and families. Medicaid does cover the cost of long-term care, but the eligibility requirements are strict. In order to qualify for Medicaid coverage, you must have a very low income and few assets.
The final way to pay for long-term care is through self-funding. This means that you would pay for your own care out of your own savings or investments. This is often not a viable option for many people, as the cost of long-term care can be expensive. However, if you have the resources available, self-funding may be an option for you.