How to Pay for Long-term Care on a Fixed Budget

How to Pay for Long-term Care on a Fixed Budget

By Guest Blogger Max Gottlieb, Content Editor, SeniorPlanning.org

Long-term care costs are rising yearly, and with more people approaching age 65 than ever before, the rates are not expected to fall. Not everyone plans ahead and unfortunately, we cannot know for certain when someone will begin to need long-term care, as it varies case-by-case. For the elderly population specifically, many individuals begin long-term-care after a sudden life change that renders them incapable of caring for themselves, like a stroke or a fall. In the best-case scenario, patients return home after successful rehabilitation; however, as unfortunate as it may be, many individuals are unable to return to their former health.

Sometimes, there is no sudden change and it is simply advanced age that is the main factor determining whether a person can safely remain independent. When someone does need long-term care, depending upon the severity of the person’s situation, he or she is either cared for by professional caregivers or family members or moved into an institutional setting. About 80 percent of seniors who need long-term care services receive those services within their own home or the home of a family member. The remaining 20 percent move into facilities, specially designed to accommodate a wide range of needs. Regardless of where we choose to spend our twilight years, there are costs involved. Below, I’ll outline some common ways people are able to fund their long-term care. 

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