"Helping You Find the Right Assisted Living Options."

 

Updated: August 13, 2014 by Catharine D. Allado

The cost of long-term care can vary quite a bit depending on the things you are looking for like the type of senior care, additional senior services needed and the location you prefer.

It is very important to know your available financing options in order to help you prepare for the cost of senior care, as it can be very expensive. To help you understand the different financing options available for you and your family, please refer to the Caregiving Payment Options chart below.

 

 

Financing Options Only Available for Long- Term Care Costs Remaining Funds Available to Heirs Rate of Asset Growth Eligibility Needed Risk of Insufficient Funds Cost
Family Support and Caregiving   None  Moderate
Family members may be unable / unwilling to provide care
You pay for services that family members are unable to provide
Personal Savings   Variable  High
Long-Term Care costs can exceed your personal savings
You are responsible for creating private savings
Long-Term Care Insurance   Fixed  Moderate to Low
Long-Term Care costs could exceed original amount
Monthly premiums for the life of the policy
Limited Long-Term Care Insurance   Fixed  Moderate to Low
Long-Term Care costs could exceed original coverage amount
Large one-time or short-term monthly premium
Life Settlement   Fixed  Moderate to Low
Amount received from benefit may not pay all long-term care costs
None
Viatical Settlement   Fixed  Moderate to Low
Amount received from benefit may not pay all long-term care costs
None
Accelerated Death Benefit   Fixed  Moderate to Low
Amount received from benefit may not pay all long-term care costs
None
Reverse Mortgage   Variable  Moderate
Amount received from benefit may not pay all long-term care costs
Home maintenance costs still exist
Processing and origination fees to establish mortgage
Continuing Care Retirement Community   Variable  Low
Additional care provided as needed in CCRC assisted living or nursing facility
High purchase price and fixed monthly payment required of CCRC property
Veterans Benefits   None  Moderate to High
Amount received from benefit may not pay all long-term care costs
None
Medicare   None  Moderate to High
Amount received from Medicare may not pay all long-term care costs
Co-payments and deductibles
Medicaid   None  High
Amount received from Medicaid may not pay all long-term care costs
Recovery of Medicaid may be made against estate
You pay for services not covered by Medicaid
PACE   None  Moderate to High
Amount received from benefit may not pay all long-term care costs
You pay for services not covered by PACE

 

Source: U.S Department of Health and Human Services

 

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SeniorCareHomes Admin

SeniorCareHomes Admin

Senior Advocate & Co-Founder at SeniorCareHomes.Com
Kate’s grandmother battled Alzheimer’s Disease and Kate personally understands what millions of families are going through. She not only is very passionate in making a difference in the lives of others, but also supporting organizations that are researching a cure for Alzheimer’s Disease.
SeniorCareHomes Admin

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