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How Are You Going to Pay for Long-Term Care?

May 22, 2017

Plenty of statistics indicate that up to 70% of Americans will need long-term care at some point in time. Just one significant long-term care event or the diagnosis of a cognitive condition can significantly alter your retirement plans. Many people assume that Medicare will help to pay for all of your long-term care expenses. However, many of these are not classified as medical treatments and will therefore not be paid for through Medicare.

Medicare will help to pay for the first 100 days of nursing home care and some of the long-term care expenses may be covered by Medicaid but this program is typically geared for low-incomelong term care planning individuals. You may pay with three primary sources; family, self-insuring by paying through out of your own pocket, or a long-term care insurance.

The least complicated but often the most difficult or expensive way for long term care is to put aside extra money in your savings to pay for these costs. However, bear in mind that the average costs of long-term care can top $130,000. You might even assume that your family will help to take care of you. However, when it comes time that you need assistance, getting it from your family may not necessarily be available.

Family members like children may have moved away or you may have comprehensive healthcare needs that cannot be addressed by family members. The individuals who have a lot of assets will typically not qualify for Medicaid without advanced planning for Medicaid purposes so long-term care insurance could be a critical help but it is important to identify that this insurance opportunity early rather than later so that you can lock in rates while you are still relatively young and healthy.


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Schedule your free Exploratory phone call

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can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Our Social Media

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Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts
Do You Owe The AMT?

American educational reformer Horace Mann called education “the great equalizer.” In football, it’s been said ...

See more
What is the Value of Your Business?

In the second quarter of 2023, more than 2,300 small businesses were sold. The median ...

See more
Immediate vs. Deferred Annuities

Despite not being as well known as some other retirement tools, annuities account for 6.5% ...

See more