Elder care costs can be very expensive. Living in a nursing home or obtaining in-home nursing support can cost thousands of dollars every month. Even individuals who saved aggressively for retirement may not be able to afford those costs using just their personal resources.
Thankfully, those who plan ahead can potentially qualify for other forms of financial support that can cover their long-term care costs. Life care planning allows older adults to prepare for the expenses and challenges of advanced age before they arise. Those who take the time to address the possibility of future long-term care costs can retire with confidence. There are three main options available for those thinking about the cost of medical support as they age.
Medicaid benefits
Many older adults fall victim to the misconception that Medicare covers all necessary treatment expenses. Medicare has numerous gaps, especially when it comes to long-term care. People typically need to qualify for Medicaid if they hope to use government insurance programs to pay for long-term care expenses. They often need to plan at least five years before they apply to be eligible for benefits quickly, without penalties and without any risk to their estate after they die.
Veterans benefits
Those who have served in the military previously may be eligible for long-term care support through the United States Department of Veterans Affairs (VA). Support may range from regular medical treatment to residential care. Qualifying for VA benefits for long-term care can help military veterans have appropriate support and reasonable comfort in their golden years.
Long-term care insurance
Some people purchase long-term care insurance coverage before they retire. Their policies may help pay for a room in a nursing home or in-home nursing support. Unfortunately, long-term care insurance may not be an option for those already in need of benefits. It may also be cost-prohibitive to acquire long-term care insurance when at or past the age of retirement.
Older adults preparing for retirement and concerned family members worried about someone’s support needs may need to review different financial solutions as part of life care planning. Addressing long-term care costs and future support needs early can give people greater confidence and security in their golden years.