Long Term Care and Money

Because of the growing need for Long Term Care and people’s realization of this, the demand for it has increased greatly. One year in a nursing home can cost as much as $40,000, and in some areas the price can be as much as $100,000. Home care as well has seen an enlargement of cost. $1800 a month is the average price for a daily visit of one hour long; an eight hour visit each day can run as high as $7200 a month.

There are a few options when one decides that Long Term Care is the right choice to make. Paying for medical and custodial attention with cash is the first. This option isn’t available to all people, since Long Term Care is something few can afford out of pocket. For those who may be able to, they probably won’t be able to for long. Long Term Care is an incredibly draining financial venture. This path will lead right to the next option of payment.

Medicaid, as a form of government welfare will pay for Long Term Care at no cost. However, it will only begin payment when the patient or disabled party no longer has any assets and is unable to afford the cost in any manner. This has the drawback of taking all the assets, property and money, from the person in need of care. Also, because the process is government subsidized you may have less say in the facility you choose.

The last and best option for paying for Long Term Care is LTC Health Insurance.