Paying for Long-Term Care

The costs associated with long-term care medical needs can be daunting as well as ambiguous. This is exacerbated by the fact that most not many of us will have to grapple with these realities as we grow older. AARP found that the 85 and older populations -- those most likely to require expensive long-term are, suffer disability, or require assistance with daily assistance -- will increase by 69% before 2032. 

In Utah, the average annual care costs for a Nursing Home services is between $50,000 and $60,000. Assisted Living costs can range from $30,000 to $50,000. These costs can overwhelm and consume the retirement and savings accounts of most Utahans. 

So how do we pay for this care? 

1) Pay Privately

As mentioned above, as a result of the burdensome costs of long-term care this strategy can be financially disastrous. With few exceptions, there is usually always a better avenue to take. 

2) Long-Term Care Insurance

Most Americans are unaware of the advantages of Long-Term Care Insurance can provide because they are unaware that it exists. And even those who have utilized LTCI can find that the contracts are written in such a way that delay coverage until certain thresholds are met, oftentimes leaving the individual to private pay before coverage kicks in. And many times, LTCI covers only a share of the cost. We still recommend LTCI for the right client but believe it best utilized in concert with other strategies. 

3) State Assistance programs like Medicaid or V.A. Aid and Attendance

The rules and regulations governing this area are complex and ever-changing. We make it our quest to understand the lay of the land in order to give our clients the best advice. While both Medicaid and V.A. have asset restrictions, it is our experience that we can find strategies that will garner eligibility for most of our clients -- no matter how much or little they have in assets. Do not hesitate to ask us how you could qualify for these programs. 

At Utah Senior Planning we can help! We strive to help individuals and families find the right plan for their goals and situation. We achieve success when we are able to show you the strategies that can help your loves ones find or regain financial security despite burdensome conditions. We are skilled in financial planning methods to stretch your money further, help you qualify for long-term care assistance, and little tricks of the trade to assist with making your money last. Don't wait until you are in a crisis to contact us. We can help today! Call us or contact us on the Live Chat and set up your free consultation today.