For most of us, it is unpleasant to envision a time when performing routine tasks may become difficult as the result of injury, illness or aging. If the time comes when you need substantial assistance performing daily tasks, it is unlikely you will want cost to be the primary decision-making factor for your long term care. Long term care (LTC) services can be expensive and costs generally continue to rise. Planning early can help ensure that you have more control in receiving the type of care you want — in the setting you choose, should the need arise. Click here to learn more.
Simply put, Long Term Care is the care you need when you are unable to independently care for yourself and may require a caregiver to assist you with everyday activities of living like bathing and dressing. Long Term Care poses a unique risk because the cost can be very high and it is not typically covered by traditional health insurance plans.
A variety of sources may be used when expenses do not qualify under Medicare or personal health insurance, including:
*Medicaid (Medi-Cal in California) is a joint federal/state program and is designed to pay for, among other things, long term care expenses for those with limited assets and incomes. In order to qualify for Medicaid you cannot have assets above a certain level mandated by your state. The state will review all of your assets and income and transfers of assets to determine your eligibility. There are very strict guidelines, and for many, you have to spend yourself into poverty before becoming eligible*