Paying for Care
Most seniors worry about medical care costs - how much, for how long, and who covers what, where? Chances are, your aging parents and loved ones are looking to you for guidance. But figuring your way through the maze of options and obstacles, and deciphering all the fine print can be utterly confusing for anyone, no matter what your age. Don't worry. We've done the footwork. We have the answers.
Explore Every Option
Read up on all the financial programs and benefits: Medicare, Medicaid, Medigap, Managed Care (HMO), Long-Term Care Insurance, Veterans Benefits, and PACE. These programs provide some level of coverage for some care settings, but not all. See the chart below.
And Then Explore Even More
You may also want to research other Reverse Mortgages if your parents or loved ones have equity in their home. There are also Paid Family Leave laws in some states, as well as payment for caregivers of family members, which can help with the costs of taking care of your loved one at home.
It's Never Too Early to Start Planning
If it's still an option, plan ahead. Sit down with your parents before you're faced with making decisions in the midst of an emergency, and have a frank and honest talk about money and long-term care. Find out if they have a realistic plan, and if not, help them seek advice from a trusted financial counselor.