So How Do You Pay For Long Term Care Costs?
Many families often find themselves in a tough spot when they realize that their loved one needs some form of Elder Care services. The first question that is asked is, “How Can My Family Afford This?” The honest truth is some families have the means to pay for private duty services while other families struggle to cover the cost of care.
There is good news. You have options! Some solutions are obvious and
others less so or not as well known. Home Equity, Reverse
Mortgages, Life Settlements and Long Term Care Insurance provide options
worth exploring. Your loved one may qualify for various government programs if certain criteria are met. Two of these programs are the
Veterans Assistance Program and Verified Low Income.
We Know A Place is not a law firm nor are we certified financial planners. Please contact a professional in these arenas before making any large financial decision. However, our staff is very familiar with many financial-assistance programs and payment options. We can definitely help guide you along the way before you have to make that tough choice.
Will Medi-Cal Cover Long Term Care Costs?
Medi-Cal does cover long term care costs. To qualify for Medi-Cal your loved one must essentially lack any other means to pay for care costs. Medi-Cal is meant to be a safety net for Elders with very little money. Medi-Cal should only be used as a last resort after all other payment means have been exhausted.
We Know A Place is a private-duty referral and placement service and most of the care providers in our network do not accept Medi-Cal. Some Care Partners do, but many do not
simply becuase the State of California pays far less then what private duty client’s pay.
This just represents an unfortunate and harsh reality. It often means it can
prove hard to find a high-quality care that accepts Medi-Cal. Good care based
on Medi-Cal acceptance does exist, but with fewer options.
If you
feel unsure how your family can pay for your loved one's care, please contact
us. We will do everything possible to help you and your family. We are not high-level financial planners, but our Senior Care Advisors hold a broad stretch of knowledge to help educate you on a variety of options.
Will MediCare Pay For Long Term Care Costs?
Not really. MediCare will pay for short term nursing home stays up to 120 days
and that is it. So after 120 days either private insurance will have to pick up
the cost or the patient will have to pay out of pocket. Also MediCare does not
cover any assisted living costs, it will only pay for what is called Skilled
Nursing Services.
Unfortunately, most Americans believe that MediCare will pay for their long term care costs. This creates a sad reality when families are suddenly forced to make some tough financial decisions that they did not plan on.
Senior Care Advisors at We Know a place understand the ins and outs of Elder Care and the costs associated with Elder Care. Before making a decision on a care solution for your loved one, consult with one of our Senior Care Advisors. Our advice is free and there is never any obligation for that advice.
