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Article by Hazel Bridges
Many seniors need long-term care at some point in their life. This is especially true for individuals who are battling neurological conditions like dementia and Parkinson’s disease. While paying for long-term care is a common concern for seniors, you have several different funding options. For example, The Plus One Foundation can help seniors access financial support for activities, classes, and workshops that can improve the lives of people with neurological disorders.
If you anticipate that you or a loved one will require long-term care one day, plan how you’re going to cover the costs as soon as possible. Here are some things to keep in mind as you start thinking about your future care needs.
Understand What Medicare Does and Doesn’t Cover
Unfortunately, you cannot rely on Medicare to cover your long-term care costs. According to AARP, Medicare will not pay for you to stay in a long-term care facility like a nursing home or assisted living community. Likewise, the federal health insurance program won’t cover the cost of custodial care to help with the daily activities of living. Of course, Medicare will still help you pay for medical services and hospital visits, and may even provide coverage for short-term stays in skilled nursing facilities. When it comes to long-term care, you will have to look elsewhere for funding.
Use Your Assets
One way to pay for long-term care is with your own assets. It’s not uncommon for seniors to sell their homes to cover their stay in assisted living. If you have a spouse that will remain in your home—or you wish to keep your property in the family—taking out a reverse mortgage may be a realistic option as well. To help you decide whether or not this is the right move, use websites like Redfin for an estimation of how much your home is worth.
Rely on Medicaid
If you have few or no assets and low income, Medicaid might help you pay for your long-term care. If you qualify for Medicaid, your state must pay for your stay in a nursing facility or your use of home health care services. However, it’s important to note that Medicaid will only pay for long-term care that is considered medically necessary. You should also keep in mind that your overall eligibility for Medicaid may vary depending on your state.
Consider Your Insurance Options
People who are planning their future well in advance have another option—insurance. Long-term care insurance is designed specifically to help cover the costs of long-term care, so it may be a worthwhile option if you have a neurological disorder and anticipate needing more intensive care in your future. Just keep in mind that long-term care insurance can be incredibly expensive and there’s a chance that you end up paying more in premiums than you would for care.
Another option is to add a long-term care rider to your life insurance policy. The benefit of this is that your premiums won’t go to waste if you don’t wind up needing long-term care. On the other hand, adding this rider will make your policy more expensive. Consider your insurance options carefully so you can make the best decision for your situation.
Non-Profit Funding and Assistance
You may also be able to find funding help through non-profit organizations. For example, some organizations assemble volunteers to make home accessibility modifications for seniors who need help aging-in-place. Other non-profits, like The Plus One Foundation, offer grants to help reduce the economic burden on people with disabilities. Do some searching around online for local and country-wide assistance programs that you may be eligible for. Take advantage of all the great resources that are out there!
No one likes thinking about a time when they may longer be able to care for themselves. but it’s important to be prepared for this possibility. Long-term care can be very expensive, and you don’t want to be left scrambling to cover the costs while you navigate the tough transition. Take the time to secure your funding now so you can rest easy.
Turn to The Plus One Foundation for more information, support, events, and other life changing opportunities.