How will you pay for long-term care? - www.jewishaz.com: Wellness

Wellness - Aging Today How will you pay for long-term care?

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Posted: Thursday, May 2, 2013 10:00 am

Planning for the long term is paramount, especially given the current economic situation. Unfortunately, many people underestimate the costs associated with care as we age, assuming that Medicare will cover most expenses. This is one of the most common misconceptions among older adults and their family members. In fact, Medicare does not pay for long-term care needs, particularly home care services, leaving only a few options when paying for these services. 

The three main forms of payment for nonmedical home care services are private pay, long-term care insurance and Medicaid, or in our state the Arizona Long Term Care System (ALTCS). Private pay is the most straightforward method of paying for long-term care, but it does require an effective financial management plan. This route may not be a viable option for everyone, so looking into more affordable measures is key. 

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