Analyzing the Cost of Care
Paying privately for nursing home or memory care can exceed $8000 per month
per person. Assisted living can run from $2500 to over $4500 per month
per person depending on the level of care needed. Assisted living facilities
usually offer three levels of care so that you don't have to pay for
care you do not need. At home care can run over $10,000 per month depending
on the level of care needed.
Long-term care insurance is private insurance offered to assist with:
- At-home care
- Assisted living
- Nursing home care
Policies can be shared by spouses, used to protect more assets once
Medicaid is needed or tied to life insurance so a death benefit exists if the policy
is not needed. Long-term care insurance can be used to cover long-term
care expenses associated with a Medicaid penalty period due to gifting
within the five-year look back period.
Medicaid is a public benefit which can be used to cover the costs of all
types of long term care. The benefit is needs-based, meaning the county
will review the party's income and the family's resources prior
Veteran's Pension Benefits
The Veteran's Pension benefit is available for veterans and their families
to reduce the burden associated with long term care. The VA also sets
limits on income, resources, and a requirement for medical need. The VA
limits the amount of the benefit if you are receiving Medicaid as well.
Planning options exist for families whether you are years away from needing
long-term care assistance or your family member is already receiving care.
Have questions? Contact us
for the answers you need.