Meeting the cost of long term care for your family member requires careful planning.
The cost of long term care for your family member is one of the biggest challenges faced by families.
Most long term care costs are paid for from savings and investments, long term care insurance and finally
by the government under the Medicaid program.
As your family member's illness progresses, she will likely
need more and more care. She may need help with daily activities such as bathing or dressing. She may need supervision to keep her
safe. This type of help often called custodial care is not covered by Medicare.
The first step after a diagnosis is to understand and document all the financial resources that your
family member has to begin planning how you will pay for her care in the future.
If your family member has a signficant estate and wishes to leave
a financial legacy to the family, early Medicaid planning is vital.
You will need to answer the following questions:
- How much is your family member's monthly income?
- How much are her monthly expenses?
- What are her savings and investments?
- Does she have long term care insurance?
- Does she own a home?
- Does she currently have a reverse mortgage?
- Are there any family members who are willing and able (without impacting their financial security)
to contribute money for her care?
With the help of a trusted financial advisor, you can consider reorganizing your family member's portfolio
to generate additional growth and income to meet her growing needs.
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