No matter how you look at it, senior care is expensive. But this doesn’t mean that you are going to be stuck paying for care out of pocket. Knowing what your choices for paying for care are and how you best use your available resources to help yourself and your family will make the care process a lot less stressful.
Typically, people tend to think that Medicare will cover all of the costs of senior care, but this is very rarely the case. Basic Medicare will cover some short term costs of care, but after a few weeks these benefits will cease and another form of payment will become necessary. Those that fall into a lower financial demographic will see that Medi-Cal (Medicaid, for those not based out of California) will cover these costs. But folks that don’t qualify for Medi-Cal will need to have an alternative.
Depending on your family’s situation, there are likely a number of other choices in front of you, too. The first step is to take into account whether your older loved ones qualify for Veterans’ Affairs benefits. If so, this is a good place to begin. The VA can help with medical and senior care through their services. If you are not familiar with the VA and how they can benefit your older loved ones that have military experience, reach out to your local VA branch representative to see how this might be of help. The Veterans Aid & Assistance program is for those that have served and their spouses. Be sure to speak with a VA rep so that you are sure of what is covered and what is not.
Another option to consider is any type of alternative insurance policy that you might have in place. Long term car insurance is the consensus choice for paying for senior care, but it’s certainly not the only choice. Annuities, structured retirement payouts and various public assistance programs will be incredibly helpful in this area. For example, those that qualify for Medicaid in some parts of the country will have other programs available to them, such as PACE and SHIP. If you’re not sure whether you qualify for these programs or not, speaking with someone within your local Department of Social Services can help.
And although it’s not likely to be your first choice, paying for care out of pocket is always an option. If there are things that your insurance or coverage plan do not cover, paying for that service with your own money is always a route you can go. The sooner you know about these costs, the more time and energy you can spend preparing for this. Preparedness is the best way to handle these types of costs. That way you will not be caught off guard and will have plenty of time to work such costs into your monthly budget.
Still not sure where to start? Give us a call. One of our care professionals can help you walk through your options so that you can start planning your family’s care today.
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