Long Term Care - How to Pay for it

There are basically three ways of paying for long term care.

1. Government assistant fromMedicaid (only for eligible individuals)
2. Proceeds from long terminsurance
3. Private funds.
   

The costs of long term care vary and the choice you make would depend on how much you can afford.
Nursing homes charge fixed daily rates and these also vary depending on the geographic location and the kind of care that you would require.
In case you chose CCRC (Continuing Care Retirement Communities) or other assisted living option, you have to pay for it with private funds or with proceeds from your long term care insurance policy (if you have one).
Medicare covers only health care related matters and only at facilities that are licensed to provide medical care.
In some cases, Medicare covers short term-in-house health care that is medically necessary.
Most of the long term care insurance policies now cover in-house medical care.
If you decide to pay for your in-home health care with your own private funds, you need to know that you may deduct the expense from your tax returns.
It is wise for you to make plans for your long term care when you are still young.
Take time to browse through several sites.
The more quotes you get, the higher your chances of getting a good deal.
Do not sign for a CCRC as a long term care option until you are sure that you understand the terms of agreement.
Ensure that there are no hidden charges.
Understand the entrance fee and the maintenance fees.
Understand the decision making process and the level of input you make.
The contract may entail that you make extra payments like obtaining a short-term or long-term health insurance policy.
Long term care is a serious commitment and should be treated as such.
Confirm the legitimacy and credibility of the facility and the company that manages it.
A good resource for this is the Continuing Care Accreditation Commission.