If you’re unable to care for yourself due to a chronic condition or disability, long-term care insurance will cover (most of) the costs of assisted living, nursing home care, or home health care. The numbers from the U.S. Department of Health and Human Services suggest that 70% of people turning 65 now will need some level of long-term care at some point in their lives. But, Long-term care insurance doesn’t come cheap, and it gets more and more expensive as people reach those critical years where the likelihood of needing care rises. The American Association of Long-Care Insurance states that a 65-year-old couple would pay a total of $4,800 per year for a policy offering them $180,000 in base benefits while a 75-year-old couple would pay $8,700 for the same! So, if these numbers don’t suit your budget or you’re unhappy handing over so much cash for something you may never need, what are your alternative options? Here at Prestige Home Care Agency, we’ve got some great options for dealing with the high costs of long-term care.

1. Grouping It Together

Group long-term care insurance is a great option for those not eligible for individual care insurance policies and can also be offered as an additional benefit at work. If your employer doesn’t offer them, check to see if they would be willing to contribute to the premium as an additional work benefit. They may not realize just how affordable it is!

2. Recovery Care

Recovery care insurance offers many of the same benefits as long-term care insurance but is usually capped at one year. They’re generally less expensive and have a lower eligibility threshold than other, more comprehensive insurances.

3. Health Savings Accounts

Otherwise known as health IRAs, these accounts allow you to put money away, tax-free, to cover the costs of long-term care in the future. They allow those that would otherwise not be able to afford long-term health insurance to pay their premiums – especially if they start paying later in life and are therefore put on a higher premium plan.

4. Veterans Benefits

Those with a service-related disability qualify for service-related disability access under the Department of Veterans Affairs. This includes payment for family caregivers through the agency’s Aid and Attendance program, as well as additional support for those in need of long-term care. It’s best to contact the Department of Veterans Affairs to find out if you qualify for this benefit.

5. Medicaid

When a person’s savings and income have been depleted, the government will step in with Medicaid. Unfortunately, Medicaid doesn’t pay for assisted living, but it does cover nursing home care and, in many states, will also pay for home health care services if you’re eligible. Medicaid is usually seen as a last resort because you may be required to pay for the care you’ve received using property and assets that are left in your name after death. It’s also more limited than other insurance options.

Long-term care is a real worry for many Americans, and this is not surprising! The costs can really mount up in your old age. Here at Prestige Home Care, we hope we have given you a few options to think about if you’re concerned about your long-term care options in the future. If you find yourself or a loved one require quality home care, give us a call or visit us in person to take a look at the services we have on offer.