How to Pay for Long Term Care for the Elderly and Senior Population

Caring for Your Aging Parents

Season 01 Episode 09

How to Pay for Long Term Care for the Elderly and Senior Population

Do you feel your parents aren’t getting along as well as they used to? Are they staying at home more and not going out? Has your loved one had a recent fall? These are all signs that your parents may need long-term care. Listen to today's episode to find the options available to pay for long-term care.

Planning for Long-Term Care

Because people are living longer, planning for long-term care needs well in advance is essential, as costs can be substantial and unexpected. Consulting with financial advisors, elder law attorneys, and healthcare professionals can help individuals and families navigate the complexities of long-term care financing and make informed decisions based on their unique circumstances. If you need help finding a financial advisor, eldercare lawyer, or attorney, please reach out to me at lynn@seniorcareauthority.com

Who provides long-term care?

Long-term care services are often provided by trained professionals, including nurses, nursing assistants, therapists, social workers, and other healthcare providers. Long-term care needs can arise due to age-related factors, chronic illnesses, disabilities, or injuries. Planning for long-term care is an important consideration for individuals and families as they age and encounter changing health needs. Understanding the available options, costs, and resources is important to make informed decisions about long-term care arrangements.

What is the cost of long-term care?

Depending on the level of care needed and the length required, you can spend several hundred to several thousand dollars a month for care. Care cost also depends on the geographic area in which care is given. Make sure to follow my podcast and tune into the next episode, where I talk about how to pay for in-home care.

Options for paying for Long Term Care

There are several options to pay for long-term care, including using a reverse mortgage. While a good option for many homeowners, you’ll want to know the rules and regulations for paying back your reverse mortgage, especially if two seniors are on the reverse mortgage loan. You can find out more by visiting the US Department of Housing and Urban Development website to find a HUD government-approved counselor.

Podcast Resources 

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