If you or an elderly loved one is about to have to move into long term care, you may be wondering how you can pay for it or who is responsible. Many people mistakenly think that the cost of long term care is covered by their insurance. Sometimes this is true, but it not always a given. Here are some of the parties that are responsible for paying for long term care.

Low Income Families

The most concerned about who can possibly pay the large costs of long term care are lower income families. Generally speaking this is where programs like Medicaid can step in and assist families who need it most.

Medicare doesn’t cover long term care costs as that is not their focus. However state Medicaid programs will provide assistance and sometimes help with the full costs, depending on the need. Veterans benefits are also available for those who qualify.

Low to Middle Income Families

This is where costs can get difficult. Many low to middle income families do not qualify for state aid programs like Medicaid but still have a need and not enough financial resources to cover the costs of long term care. This is where other state run programs can come in to assist.

Middle to Higher Income Families

In these cases, Medicare can cover medical costs, but for long term care families will need to use their wisely invested resources to pay. The burden of long term care lies primarily on them until assets are depleted.

Contact Stano Law group today for assistance in elder care financial series.