Paying for the Costs of Long Term Care

The most common question that we get asked about long term care situations is "how do we pay for all this?". We tell our clients that there are only three ways to pay for the cost of a long term care event. They are the following:

1. Long Term Care Insurance. Most people facing nursing home stays do not have long term care insurance. This method of payment has only become popular in the last few years with the increase in awareness of the public. If your loved one has long term care insurance, consider yourself lucky. Long-term care insurance can go a long way towards paying for a long term care event and may keep additional options open to you (i.e. home health care). Just like most private insurance, you may have to qualify. Thus, many are unable to get or afford long term care insurance due to age or prior illnesses.
2. Self Pay. You can always pay for the costs of long-term care by using your own funds. However, nursing homes cost roughly $72,800.00 per year nationally. Locally, costs break down to between $5,000 and $9,000 per month. Few people can afford to keep this level of spending up for any length of time.
3. Medicaid. This is a federally funded and state administered program that among other things can pay for the costs of a nursing home provided certain income and asset tests are met.

Since both the long term care insurance and self pay options are self explanatory, this book will deal primarily with persons who either have no insurance or cannot afford the costs of a nursing home. Veterans may have some benefits that pay for nursing home care. Consult with a veteran's benefits specialist. Additionally, Tri-Care for Life does pay for skilled nursing care but not for the room, board, custodial care and certain other items while in a nursing home.

If you are a concerned relative or friend of an elderly person and need help with Estate Planning, Elder Law, or Medicaid and are in the Jacksonville, Orange Park, St. Augustine, Fernandina Beach or in the areas around Duval, St. Johns, Nassau, and Clay counties, we'd like to hear from you.

Contact us online or call us at 904-355-8888 TO SET UP A FREE CONSULTATION.

Contact us online or call us at 904-355-8888 also to learn more about Elder Law and receive our Free North Florida Nursing Home Guide.