Options available to help pay for long-term care

On Behalf of | Jan 29, 2021 | elder law

As if you already did not have enough personal challenges. Now, another big one surfaces in your life. For the past two years, your elderly father has lived with you, leaving the family farm in the hands of trusted caretakers. He could not live alone any longer, so you warmly welcomed him into your home just 100 miles away.

But, now, his needs and care are growing increasingly out of your capabilities. He is regressing physically, but not mentally. He needs more assistance than you can provide, especially as you struggle to care for him while working your full-time job. Long-term care seems like a logical option. Now, you wonder just how your family will pay for long-term care, which promises to be an expensive undertaking.

Insurance, IRAs, VA program, Medicaid

Remember, this is doable without you having to pay a sizable chunk of the expenses. But you will have to do your homework into finding an affordable long-term care facility while determining just how you will pay for it.

If your father was prescient, he may have taken out a long-term care insurance policy. This likely will pay for some of the costs. But, depending on the type of policy, it could run out sooner than you expect. Other options in paying for long-term care include:

  • Along with insurance, consider using Social Security checks and pensions to pay for your parent’s care.
  • Using funds from IRAs as a payment option is realistic, too. They may qualify as medical expense deductions.
  • If your parent was a military veteran, they have a little-known resource available through the U.S. Department of Veterans Affairs. The VA Aid and Attendance program provides as much as $1,830 per month to military veterans who served a minimum of 90 days during a war, while a surviving spouse receives nearly $1,180.
  • For people with limited income and minimal financial assets, Medicaid may be a payment source for long-term care.

While you investigate ways to pay for long-term care, also review the available long-term care options. This may include home health care and assisted living centers, which prove less costly than nursing homes.