Finding the financial resources to pay for long-term care

| Nov 30, 2020 | elder care

Your father has suffered from dementia for the past three years, and your mother has been his main caregiver, along with some help from you and a few other family members. But the burden has primarily fallen on your mother’s shoulders, and it has become too much for her. She no longer has the energy.

It is inevitable, and, now, It is time to look into long-term care options for your father. Every way you look at it, though, the result is the same. Long-term care is an expensive endeavor. Now, along with finding the right place or care options for him, you also must consider how you will pay for it.

Pensions, IRAs and Medicaid

This is not an impossible task. However, it is one that is necessary and quite doable. Here are some ways to find more affordable long-term care options as well as how to pay for it:

  • Determine the type of long-term care most appropriate. Home health care, adult day care and assisted living facilities often are more affordable options than nursing homes.
  • Pension payments as well as Social Security checks are viable options when paying for long-term care.
  • Money from an IRA may be used and could qualify as a medical expense deduction.
  • S. Department of Veterans Affairs offers an Aid and Attendance program that many do not know about. A person who served at least 90 days in the military during a war may receive up to $1,830 a month, while surviving spouses may get nearly $1,180.
  • Pursue and apply for Medicaid. If you have limited sources of income and few financial assets, Medicaid remains an option.

Paying for long-term care proves challenging. You know that you must look for other financial resources other than your family’s own assets. There are many potential options available.