The rates of long-term care are rising, and the demand for services growing. How will you pay for your long-term care when the time comes? If you have a loved one needing long-term care, do you know what options exist to help you pay for the costs? An experienced Cleveland elder law attorney can help you find the best ways to pay for the needed care. Some of these may include:
Private Pay
Given the current cost of long-term care, a family would have to come up with between $28,560 and $148,555 per year, out of pocket, to cover the care of one person needing long-term care.
Long-Term Care Insurance
Long-term care insurance may seem like an attractive option, but it is important to keep in mind it will likely not cover long-term care needs outside of the home. It is a great option if you are planning for your future and hope to age in place, spending your golden years in your own home with minimal outside care.
Reverse Mortgages
Reverse mortgages, or home-equity conversion mortgages, are one of the most popular and accepted ways of covering a variety of expenses, including long-term care. These mortgages allow you to pull equity out of your home, while staying in your home longer.
Government Assistance
Government assistance for long-term care does exist, in the forms of Medicare and Medicaid. Each has very specific situations in which it can help. The Veteran’s Administration also offers some help to those that qualify. We’ll dig into those further in upcoming blog posts.
