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How Families Can Reduce the Cost of Long Term Care
The cost of long term care is a growing concern for families across the country. As parents and loved ones age, many families find themselves trying to balance providing quality care with protecting their savings and financial security.
Fortunately, planning ahead and understanding the available options can help families better manage these expenses.
Start Planning Before Care Is Urgently Needed
One of the most important steps families can take is to discuss long term care before a crisis occurs. Waiting until a hospitalization, fall or sudden change in health can leave families making major financial decisions under pressure.
Consider what type of assistance your loved one may eventually need, where they would prefer to receive care and how those services could be paid for.
Understand Your Insurance Coverage
Many families assume Medicare or traditional health insurance will cover ongoing long term care. However, these programs generally do not cover extended custodial care.
If your loved one has a long term care insurance policy, review it carefully. Determine what services are covered, when benefits begin, the daily or monthly benefit amount and whether in home care is included.
Caring Home Care works with long term care insurance providers and can assist clients with the documentation and paperwork needed to process eligible claims.
Consider Care at Home
Remaining at home can give older adults the ability to maintain their independence while receiving assistance based on their individual needs.
Instead of immediately moving to a residential care setting, families can explore in home assistance for activities such as bathing, dressing, meal preparation, shopping, medication reminders, companionship and other daily needs.
The ability to customize care can also help families focus their resources on the services their loved one actually requires.
Explore Available Financial Resources
Families should investigate long term care insurance, Medicaid eligibility, veterans benefits and other programs that may help with qualifying care expenses. It may also be helpful to speak with a financial professional or elder law attorney when developing a long term care strategy.
Most importantly, don’t wait until care becomes an emergency.
At Caring Home Care, we help families explore in home caregiver options designed around their loved one’s individual needs. Whether you are planning ahead or need assistance now, our team can help you understand your options and find the right level of support.
Original article and additional information:
AARP — How to Save Money on Long Term Care
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