How To Financially Prepare For Long Term Care

How To Financially Prepare For Long Term Care

How do I prepare financially for long-term care?

As far as how to prepare financially for long-term care, it's a difficult question because it can be very expensive and none of us anticipates being severely ill or chronically ill with a lot of care needs for many years, but unfortunately some of us do wind up in that mode. I think long-term care insurance is one thing that can be considered. This should be considered when you are younger as when you buy it, the less expensive it is but it is just good asset management, I think considering some of the health savings accounts that are now available under the tax code are things that can be considered. But again, long-term care can be extremely expensive and a lot of assets can be burned up that way. Also, for people who don't have a lot of assets, certainly Medicaid is a good way to go, assuming that the money stays there. If you are indigent, you can get Medical or Medicaid to pay for long-term custodial care, although they will only pay for it in a skilled nursing facility. They won't pay for it at a lower level of care as of now. That may be changing.