5 Ways to Pay for Long Term Care

One of the mistakes that people commit is relying on Medicare for long-term care coverage. The said government program doesn’t cover the core of long term care like bathing, eating, dressing and transporting. 

People are living much longer nowadays which increases their chance of requiring care. As a matter of fact, 7 out of 10 of people who are 65 and above will require long-term care in the future. People purchase long term care insurance coverage to cover their care expenses. However, this is a bit expensive and not for everyone. Don’t worry because there are other ways to pay for long term care.

There three legal strategies that can help older adults quality for Medicaid without spending down their assets. The rules are a bit complex but with a knowledgeable lawyer and these 5 key options, you can get familiar with the alternative ways of paying for care.

1. Asset protection trusts
2. Pooled trusts
3. Private annuities or promissory notes
4. Personal care agreements
5. Spousal transfers and spousal refusal

Sources: http://www.investopedia.com/articles/personal-finance/102014/top-5-elder-care-strategies.asp

http://www.ltcoptions.com/long-term-care-insurance/long-term-care-policy-features-options/