There are so many possible ways to pay long term care based on your personal needs. Below are the solutions in paying for long-term care:
Self Insure – This is so far the most expensive way of paying LTC. This is often used by people who wish to exhaust their assets and qualify for Medicaid in return. However,How to Pay for Long Term Care Costs Articles it is not advisable to use this method because it can drain your assets. People work hard to accrue great money and assets to live a fancied lifestyle, so using the personal savings for long-term care doesn’t make sense at all.
Medicare/Medicaid – Medicaid/Medicare is a publicly funded program aimed at helping the poor. Medicaid follows strict qualifications in determining the recipients of the program. Many Americans protest on the strictness of Medicaid for long-term care including the asset limitation. To become eligible, your asset should be at poverty level or $2000 total cash assets and your estate is subject for state recovery. Also, Medicaid decides where you stay and who will provide care for you. Those circumstances are not favorable for seniors who wish to lead a dignified elderly life.
Commercial Long Term Care Insurance – There are reputable companies throughout the country offering competitive policies designed for individual needs. Nowadays, insurance companies are attracting younger people for LTC coverage to ensure their elder care and protect their assets. Financial experts advise people in their late 40s and 50s to start buying policies to safeguard their assets than wait until the cost becomes much expensive or they become insurable.