Are You Prepared Financially?

Do you know if the government will pay for your care when you are older? Do not count on it. This is not just a cliché saying, it’s the truth.  

The #1 question I am asked when people are searching for care is, “Does Medicare/Medicaid pay for this service?” I have discovered that most people assume Uncle Sam is going to pick up the tab, but he isn’t the good Uncle you may have had growing up.  

In many cases, personal in-home care agencies, independent living, assisted living, memory care, skilled nursing facilities, adult day care centers, adult family care homes, and continuing care retirement communities are primarily “private pay.”  

These costs can be overwhelming and may come as a shock to many people. However, there are a few financial assistance programs through Medicaid and the VA that may pay for a portion of the total cost of care.  

Your financial planning goal for this stage is “wealth preservation.” Ideally, you’ll want to balance creating the highest monthly income while maintaining it for the longest period of time.  

Whether you are caring for your loved one or you are being proactive, we always encourage people to start with a frank assessment of their total assets. Often, people create an investment portfolio that is appropriate for an earlier stage of life when they set it up, however, it may be less appropriate for supporting them in later years.  

It would be important to ask yourself the following questions: 

  • Do I have a Long-Term Care (LTC) Insurance policy? Do I know what it covers?  
  • What is a reverse mortgage?  
  • Do I qualify for any financial assistance such as Aid & Attendance VA Benefits, Statewide Medicaid Managed Care (SMMC) or straight Medicaid? What’s the difference?  
  • Should I sell my property or give it to my children?  
  • Do I need to go broke paying for care or is there another way?  
  • What is the difference between Medicaid, Medicare, and Medicare Advantage? 

These questions can be overwhelming. It is important to discuss your finances with your financial advisor, your family, and your power of attorney to make sure that everyone understands the type of care you would prefer and can afford.  

Now we have covered, (1.) Advance Care Planning, (2.) Organize Legal Affairs and (3.) Make a Financial Plan. Next, we’ll discuss; (4.) Find the Right Care and (5.) Choose the Right Providers. Need help understanding the complex world of senior care? Call our free senior care expert hotline at 941-676-3411.

Copyright © 2024 ActivAge Daytime Senior Care. All Rights Reserved.