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|Long-Term Care Patients
By The-Adviser.com -
- People who need long-term health care, for themselves or for an aging or severely
disabled relative, often find themselves facing painful choices with little information
about finances and little time to make a decision. The following is brief outline of
options for long term care patients:
Medicare - is the Federal health care program for the elderly and severely disabled and pays for specific procedures deemed medically necessary.
Medicaid - long-term care is generally covered by Medicaid but is limited to people with low incomes and assets of no more than about $2,000 (not including house and car). People with more money often enter nursing homes and reduce their assets so they can qualify.
Private Insurance- Long term care policies are available but can cost thousands of dollars a year for those over age 65. For that reason, private insurance pays less than 1% of the cost of nursing home care in the United States. You can contact the Assisted Living Federation of America at (703) 691-8100 which has a list of 50 questions to ask providers of care. The American Association of Retired Persons offers a number of publication on long-term care at (202) 434-6030.
If you are a long-term care patient, an independent Fee-Only financial adviser can help you work through the financial alternatives available to you.
Long-term care patients and their families need to prepare both emotionally and financially.
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