Your Family Finances

 

 

 

 

 

 

 

 Long-term care (LTC) provides basic services for people. No one likes thinking about it, but as people age or become ill, they might need help doing daily tasks like getting dressed, bathing, and more. Most health and disability insurance won't cover it but long-term care insurance will. However, the cost of these services are extremely expensive.

 

 

 

According to the American Association of Home and Services for the Aging, 69% of people will need some form of LTC after age 65. If you become ill, it ensures that your spouse will have enough money to eat and your kids won't be burdened with huge payments for the care which you will need should you need to be put in a Long-Term Facility. The cost for this care ranges from $2,500 to $5,000/Mo. depending upon the facitity.  That's Annually, $30,000 to $60,000 each and every year you need the care. You can now see how the cost of this care can destroy a couples nest egg should one of you need the services.

 

 

But, Doesn't The Government Pay For This?    

 

They will if you qualify for Medicaid, the government program designed for people who truly don't have any money.  And to qualify you will need to spend all your nest egg before youn can then apply for these Medicaid benefits.  Medicaid does however, allow the spouse residing in the home to remain there, and the home cannot be sold until they would need to move out.  At this time the sales proceeds of the home will then be given to Medicaid to reimburse them for the care which they have already paid.