Long-term care refers to an umbrella of services designed to help you with activities of daily living, such as eating, bathing and dressing. Contrary to popular belief, these services aren’t covered by health insurance, Medicare or disability insurance. The cost of home care is determined by an individual’s ability to pay privately. Without planning ahead, the financial strain can be enormous for the unprepared.
Understanding long-term care and the cost of home care
Medicaid does cover long-term care services, but to qualify, your income and assets can’t exceed levels set by your state. You can also buy long-term care insurance. Your other option is to come up with the money yourself, which can leave a family financially devastated.
Tim and Gina Murray, founders of Aware Senior Care, an in-home care agency in Cary, North Carolina, have seen first-hand the toll long-term care services can take.
“It breaks our heart when a family needs the care but they don’t have the financial means,” says Tim, 59. That’s what prompted the couple to purchase long-term care insurance before they turned 60.
“We have four grown children and we don’t want them to be burdened,” says Gina, 59.
Read the full article “Cost of nursing home care makes planning ahead crucial for financial security” on USA Today’s web site.