A Few More Ways to Pay for Care

Paying for care is one of those things that almost everyone worries about. Senior care, even when it is offset by some sort of insurance, can be very expensive. Although most seniors qualify for Medicare, this insurance covers almost nothing when it comes to long term care needs. Something else is needed.

 

The earlier you begin preparing for care, the easier affording it becomes. Like most anything in life, if you really prioritize it, it becomes something that is easy to make arrangements for. This is easier said than done, of course. But, the key takeaway remains that if paying for the care of a loved one is something that we really give a lot of attention to, this process becomes a lot easier.

 

With that in mind, here are a few of the big methods that are used when it comes to paying for care.

 

Most of us are familiar with some of the more popular ways to pay for care. Medicaid (Medi-Cal, in California), the VA, and private insurances are some of the most heavily used methods when it comes to subsidizing costs. Although these programs can be great, there can often be holes in coverage, especially if care is extended over a period of many years. Although the average individual that receives institutionalized senior care uses it for three years, this number is expected to rise in the future because of longer life expectancies and better medical care.

 

This can lead to some seniors exhausting their savings even if they are only paying a portion of the total price associated with care. Saving money for retirement can help with this, but not everyone is capable of this.

 

Cash and Counseling may be a good alternative for those with lower incomes. Not all states offer this Medicaid program (California DOES NOT currently offer this), but there are currently 12 states that do. A quick call to your Department of Social Services will let you know if you live in a state that has this program and what needs to be done to qualify for the care benefits offered.

 

There are a lot of ways to pay for care that you might not be aware of.

 

If nursing home level care is needed, the Program for All-Inclusive Care for the Elderly might be available. This is offered through Medicare and Medicaid and many individuals that don’t qualify for traditional Medicaid can still get help paying for care through this program.

 

Paying for care can be tough, but there are a lot of resources out there that can help you. If you have not yet figured this out, don’t worry. Give us a call today to learn more about the care services that we offer, what the associated costs are, and our suggestions for covering the cost of care. There’s a lot more out there than you might have first thought, and we’re here to help. We might not be able to rectify every situation, but we can certainly point you toward the resources that will help you. Call us to set up a free consultation and get started finalizing the care plans for your elderly loved one.

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