|Posted on June 1, 2014 at 9:35 PM|
There are a number of methods of providing for in-home care or nursing home care for persons who cannot be properly cared for in their homes, including:
- Payment by you or your family members from personal income or assets;
- Medicaid assistance for people with low income and limited assets;
- VA nursing home care for honorably discharged veterans;
- Accelerated benefits from your life insurance policy or loans against cash value of policies;
- Income or principal payments from an annuity or trust fund;
- Payments from a reverse mortgage from the equity in your home;
- Long term care insurance coverage.
Not every method may be available to everyone, and some methods may be more or less attractive than others. Many seniors want to preserve assets in order to pass them on to their spouse and children. With nursing home care currently costing $60,000.00 or more per year, an extended nursing home stay could substantially diminish or deplete your assets. If you do not qualify for Medicaid assistance or VA nursing home care, and you want to address the risk of incurring substantial nursing home costs that might result from extended nursing home care, long term care insurance may be an option you may want to consider. I will discuss common questions and issues concerning long term care insurance and other methods of paying for long term care in future posts.