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How am I going to pay for Long Term Care?

One may be asking if I need Long Term Care how am I going to pay for it. There are several ways to pay or receive your long term care. One way is to hope that your spouse/children care for you. But what if that option is not a realistic option. Then what do you do? Your medicare benefits only cover up to 20 days and then partially for up to 100 days. But you are required to have a 3 day hospital stay. So very few people receive the benefit from Medicare. You can pay for the long term care your self with assets and funds. This becomes very expense and can deplete your life savings in a couple of years. Another way is to purchase long term care insurance and/or Home health care services. You can put together a plan that meets your needs and budget as long as you are healthy. Today they have many options and even some annuities and life insurance policies include a benefit if you were to need long term care benefits. The last method of paying for your long term care is Medicaid. This requires you to spend down to a set amount and then the government to pay your bill. The one down fall of this method is that you may not have control of where you receive your care. The facility that you were in or like may not accept of have room for another medicaid person. There are many factors in making a decision if and when to purchase long term care insurance. Just remember that all the year that you purchased Home Owners insurance and you always hoped that you didn't need to use that policy.



This post first appeared on Palmer Insurance, please read the originial post: here

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How am I going to pay for Long Term Care?

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