Mom and Dad are aging in place, but they continuing to require more and more help. How can we afford to get them the help they need and deserve?

Aging loved ones are never something we want to think about or are typically prepared to deal with when they often seemingly out of the blue need help. Whether your loved ones are aging in place, in their own home, or at a facility cost and payment method will ultimately be a factor. It can be a surprise for many to find that their health insurance will not pay for their loved ones to get the help they need and deserve as they continue to age. In addition to private payment, there are three major forms of insurance that I will list and define below.

1. Long term Care Insurance (LTC) – If you are one of the lucky ones who purchased or who’s loved ones purchased long term care insurance then you will be better off than most. This is a private form of insurance policy similar to renters insurance that must be sourced and purchased privately. It is also typically paid in the form of reimbursement to the insured after a waiting period has been met. To learn more about LTC insurance check out the website below.

2. Medicaid- As for state benefits, Medicaid will typically pay for nursing homes though they only accept extremely low-income patients. Qualifying for state insurance can be a daunting prospect and often still will not provide all the coverage necessary. Any help is certainly welcomed and appreciated by most, however. Check out the websites below to learn more great information about Medicare and Medicaid as well as the differences between the two.

3. Aide and Attendance- You may qualify for this form of insurance through the VA if you are a low-income veteran. This program is an addition to the pension that you must already be receiving. You must meet one of several requirements in order to qualify and you can learn more at the official government website The filing procedure can be very tricky, and they only allow each veteran one attempt. Because of this we highly recommend that you use a company that is familiar with the process and can file for you at no cost to you.

In summary, these are the three most common forms of insurance. After this,

it will typically come down to private pay or some combination of private pay and insurance. Educating yourself and preparing for the future may save you and or your loved ones thousands of dollars down the road. For more information be sure to check out the rest of our website as well as the other great sites above.

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