Choosing a long-term care facility: A focus on finances

There may come a point when you need to choose a long-term care facility for yourself. But before that, you could find yourself helping an elderly loved one, such as a parent.

There is a lot to consider when choosing a long-term care facility, including which one has the best reputation for providing high-quality care.

You also have to consider the financial impact of your decision. There are many ways to pay for long-term care, some of which may suit your situation better than others. Here are some of the most common options:

  • Long-term care insurance: If you have a policy, review the language to determine when it can kick in and how much it pays.
  • Personal savings: It's not always ideal, but personal savings can be used to pay for long-term care.
  • Medicare: Medicare benefits only pay for certain types of care, so it's important that you don't rely completely on this government program.
  • Medicaid: If eligible, you may come to find that Medicaid pays for some or all of your required long-term care expenses.
  • Veteran's benefits: If you qualify for veteran's benefits through the Department of Veterans Affairs, you'll want to take advantage.

With so many options and the potential for a few challenges, you shouldn't wait too long to think about how you'll pay for long-term care should the time come. Instead, this is something to work into your estate plan early in life, so that you can take immediate action should it be necessary at any point in the future.

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