As the child of aging parents, one of your biggest concerns is their care. As they age, they may require more round-the-clock care in a facility. Unfortunately, the cost of these establishments may be high. It can become a financial burden on families.
Fortunately, Medicare has some advice on how your parents can afford long-term care.
Your family’s resources
If you are like most people, you look to your personal resources first. It is possible to use your savings, your parents’ savings or other assets to help you pay for long-term care. Also, if you have a life insurance policy, some insurance companies will allow you to use it to pay for long-term care. The decision is ultimately up to the insurance company.
Insurance for long-term care
One type of insurance that you may want to look into for your parents is long-term care insurance. Long-term care may refer to skilled care and non-skilled care. There are several types of long-term care, including nursing home care, adult daycare, assisted living and home care.
If your parents were federal employees, retirees or the spouse of a military member, he or she may be able to purchase long-term care insurance at a discounted rate.
Federal or state programs
Federal or state programs, such as Medicaid, may help your parents if they have limited income. If a person qualifies for Medicaid and Medicare, the insurance will cover most of his or her care. Unfortunately, not all long-term care facilities accept Medicaid, but most do. If your parents use Medicaid, find out which homes accept it.
As parents age, their long-term care may become a priority for you.