Overview of How to Pay for Long Term Care (Part 1 of 2)

As we age, many of us become increasingly concerned about the possible need for long term care and the options available to pay for it.  In this article, we will examine those options. There are 5 basic ways to pay for long term care: 1.  Private Pay 2.  Long Term Care Insurance 3.  Medicare 4.  Medi-Cal 5.  Veterans Benefits Not all of these methods will be available to all persons.  For example, veterans benefits are limited to only certain veterans.  Long term care insurance may not be available for persons with certain pre-existing conditions.  While this list is not exhaustive, it represents the most likely sources of funds to assist with payment of long term care costs. Private Pay  If you have savings and investments, you can pay for long term care yourself.  Your social security check will pay part of the monthly fee, but because the average nursing home cost in California exceeds $9o,000 per year, most people can’t afford to make these payments indefinitely. 


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