Long-Term Care

The Facts:

  • $5833 Cost of a nursing home home per month.

  • 58% of women and 47% of men over the age of 65 will need long term care

  • 2.5 years women, 1.5 years men: Average number of years  long-term care will be needed.

  • 62% of nursing home residents  care is provided by Medicaid.

  • To qualify for Medicaid you must spend down to $2000 in savings and your home can be recovered by the state after you die.

  • 83% of care provided is done by a friend or family member.

One of the most cited top concerns as we grow closer to retirement is how to pay for long term care.  One common misconception is Medicare will pay for long term custodial care.  For many, it depletes there entire nest egg and leaves nothing to leave behind for loved ones. Thankfully there are number of approaches to long term care some allow you to preserve wealth and still use Medicaid others avoid using Medicaid altogether. Knowledge is power when trying to anticipate long-term care needs. To the left are some facts and figures to consider. Be sure to call or email if you wish to get further insight. 

Solutions:

 

The good new is there are a number of ways of providing for care without becoming impoverished or burdoning family:

  • Iowa has a Long-term Care Partnership Program that helps you preserve your assets while covering care.

  • There are a number of insurance products (annuities or life insurance) that provide for long-term care and/or leaving a benefit for your loved ones if they are not used.

  • Long-term Care Policies 

Other Links