Working Caregiver- Family's Paying Options for Long-Term Care
Options for paying long-term care can be confusing.
When determing the care for your elder loved one; you have some options. The sooner you investigate this matter, the more options you have open to you. You might consider starting with private insurance, for the elder, to cover long-term care. Even though they may want to continue living at home, it's prudent to have private long-term care. You can protect your assets by taking out long-term-care insurance, Know that long-term-care policies usually are recommended for people who have substantial assets.which covers many of the expenses. It can also be used at an assisted living or skilled nursing facility.
Decide how much coverage you want. Long-term-care policies typically pay $50 to $200 a day toward the cost of nursing homes, in-home care, physical therapy, nurse's aides and other health-related outlays.
Look for a guarantee that the policy won't be canceled or nonrenewed as you age or become ill.
Ensure that the policy covers unskilled as well as skilled care. Make sure the policy doesn't require that you be hospitalized before you can receive benefits for in-home or nursing home care. Know that premiums will rise sharply as you get older. An 80-year-old may pay three or four times what a 65-year-old pays for coverage.
You might also take a strong look into government benefit programs that may help pay for care:
- Medicare
- Medicaid
- Supplemental Security Income (SSI), and
- In-Home Supportive Services (IHSS).
There are many services available to your elder loved ones, if they choose to stay home. If your aging loved one has served in the United States Military, federal or state veteran assistance may be available too. | 
