Long-term Care Insurance

One of the most important and helpful steps that a person can take is to invest in long-term care insurance as soon as one eligible, usually as one approaches retirement age.  Some insurance companies offer long-term care insurance to people in their forties, so that they can start saving early on.  Long-term care insurance is different from a regular retirement fund as it is designated specifically for the purpose of helping a person pay for their care if they become incapacitated, disabled, or ill for an indefinite amount of time.  This type of insurance is not applicable to short-term injuries. A good retirement fund, such as a 401k, CD or money market account, is also extremely helpful in paying for assisted living facilities.  As there is little medical care involved in assisted living, much of the financing for assisted living must come from private sources.  Some seniors choose to take out a reverse mortgage, which draws on the equity from ones home.  A reverse mortgage pays out a monthly amount, similar to an annuity.  Another step that one can take to obtain financing for assisted living is to research Medicaid and Medicare options.  Medicaid is available to people with little to no income, with some restrictions.  Medicare is a government-funded program that assists the elderly in financing their healthcare needs, which can include doctor visits, prescriptions, and assisted living.  Both of these programs can often be combined to help finance an assisted-living professional to provide care for an elderly or disabled person in their own home.  One factor to consider is that assisted living is primarily for people who need assistance with every-day activities but may not require medical care, such as that which might be provided in a nursing home.   In addition to Medicaid and Medicare, the government provides several other programs to assist the elderly with various types of care, including assisted living care.  For  Found Here , one may be eligible for federal income tax credits for dependent care.  To be eligible for this tax credit, a family must prove that they have incurred expenses for an older dependent that cannot care for him/herself without assistance.  There are also many state-run or non-profit agencies that assist the elderly with financing for healthcare needs such as assisted living or prescriptions.   However one decides to finance assisted living care for him/herself or a loved one, the most important thing to keep in mind is to plan ahead and be prepared  The earlier one begins to prepare for this situation, the more options he/she will have.