Long-term care costs may be covered through the
following options.
Family
Children or other family members may be willing
and available to take care of you, physically and
financially. Make sure your expectations are clear,
and that the resources you're counting on –
physical, financial, and emotional - actually exist.
Yourself, or “Self-Funding”
A realistic review of how much you have, how much
you're willing to spend of your savings & assets,
and how much long-term care costs will give you a
clear picture of whether this is the option for you.
Government Programs
Programs like Medicare and Medicaid may help pay
for some long-term care expenses, but coverage may
be limited.
Many states have a Long-Term Care Partnership
Program designed to help provide asset protection
for those who own long-term care insurance and seek
to access Medicaid benefits.
Long-Term Care Insurance
A comprehensive policy can help protect:
- Your family's resources - their time,
energy, and money
- Your independence - your ability to choose
how and where you want care
- Your assets - preserving your savings
Find out how long-term care insurance can help
you.
Source: Genworth Financial
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