Many Americans may not be prepared to pay for long-term care, but the reality is that most of them will need it. Whether they receive care in a community setting or in their own homes, they will need to learn about the different payment options that are available for different care types. And then figure out how to meet those oblations.
Many are ill-prepared to pay for the services they will need, writes ABC News in a recent article. But knowing the options, costs, and types of assistance that are available can at least help those seeking long term care navigate the process.
“Not enough people have some plan in place,” Jamie Hopkins, associate director of the retirement income program at The American College told ABC News. “It’s a lot of self-funding and relying on family members and Medicaid.”
ABC points to five tips including knowing the options; considering costs; understanding Medicare and Medicaid; deciding how to pay; and not delaying the decision. For some, they will find themselves too late for long-term care insurance, which is one of the options ABC advises for those on the younger end of the spectrum. Others may opt to convert an existing insurance policy into some form of long-term care benefit.
Among the overall options such as tapping retirement savings, seeking insurance coverage or relying on government programs Medicare and Medicaid, a combined approach may be best.
“Experts suggest using a combination that best suits your needs,” ABC writes.
Written by Elizabeth Ecker