With 60% of Florida Residents paying for care as loved ones get older, it’s no wonder why so many individuals are surprised that many Medicare policies don’t cover these financial dedications. Many of our loved ones must move into an assisted care center, nursing home, or custodial care. These can get pricey, but with the right advise on policies that can assist, it can be one less future priority to worry about.
Unfortunately, many individuals don’t save early enough to be able to pay for in full for long-term care, making it one more thing to be concerned about and pay for as we get older. Luckily, informing oneself early enough can lead to an entirely different future. Here are a few payment options:
Long-Term Care Insurance
LTCI or long-term care insurance is an available option for those who are still healthy. This includes being under the age of 84, and without age related issues such as memory loss, loss of mobility, etc. There are many different options to choose from when it comes to types of long-term insurance, and with our professional team at iWill Advisors, we can help you look through options to see which may fit you and your financial situation best.
Thankfully, there are many benefits for those who are veterans. Aid and Attendance and Housebound is a program that many veterans choose. The downside to VA long-term options is that the paperwork is significant and lengthy, therefore it’s important to seek a professional, like our advisors at iWill Advisors. We can help fill these tedious papers out, giving a helping hand in what would otherwise be a time-consuming and complicated process.
Personal Income and Savings
This is exactly as straightforward as it sounds. Many individuals may decide to simply save their own money in an account so that it is readily available when long-term care is necessary.
There are many other financing options available. It can be difficult to understand why some things are covered with insurance, and others are not. However, with a qualified and knowledgeable advisor on your side, you can look through all of the payment pathways, deciding which choice makes the most sense for you and your family. If you’re looking for long-term care in South Florida, please call us today to see how we can assist you in all of your long-term financing needs.