If you and your spouse have reached retirement, you are likely thinking about what you want the rest of your years to look like. It’s not always pleasant to think about the fact that you might someday not be able to take care of yourself, but many seniors find they need in-home care or they need to stay at an assisted living facility or nursing home. The following is a brief overview of some options to consider when it comes to paying for long-term care.
Option 1: Medicaid
Some people in Florida may qualify for Medicaid if they have minimal assets and income. Medicaid can be used to pay for medical expenses and some types of long-term care. There are strategies you can employ to qualify for Medicaid, while still leaving an inheritance for your family.
Option 2: Department of Veterans Affairs
If you are a veteran, you may qualify for long-term care or at home care from the VA. Keep in mind that there may be a waiting list for VA nursing home residencies.
Option 3: Social Security disability benefits
If you are under age 65 and have a health condition that qualifies as a disability per government law, you may apply for Social Security disability benefits. To qualify for SSD benefits, you must be unable to work and have a disabling condition that prevents you from working for at least a year or that is considered terminal.
Option 4: Long-term care insurance
Some people choose to purchase private long-term care insurance. What is covered depends on the policy purchased. For example, some policies may only pay for nursing home care, while other policies may be more comprehensive. The cost of such a policy depends on the services provided, your age when you buy the policy and any optional benefits you may select.
Option 5: Life insurance policies for long-term care
Some life insurance policies also contain an “accelerated death benefit.” This benefit provides the policy holder with a tax-free cash advance during their lifetime. The amount of this advance is subtracted from the amount the policy holder’s beneficiaries will receive when the policy holder passes away. These benefits can be used to pay for nursing home care or other long-term care needs.
Learn more about long-term care options
Ultimately, this post is for informational purposes only and does not contain legal advice. Those who are interested in learning more about long-term care options are invited to visit our firm’s website for further information.