3 Tips For Covering Long-Term Care Costs For Your Parent

Posted on: 1 March 2018


As your parent is getting older, one thing that you might be worried about is how you are going to be able to provide him or her with long-term care. This is a common concern for adult children, but you do have a few options. These are some of the ways that you can get the money that you need to ensure that your parent is taken care of.

1. Start Saving Now

First of all, it is truly never too early to start saving for your loved one's long-term care costs. If possible, consider setting up a dedicated savings account and putting aside money as you can, even if your parent is still fairly young and in good health. Then, you can help ensure that you are prepared for these costs when they do come along.

2. Invest in Long-Term Care Insurance

One good option that you can look into is investing in long-term care insurance. In general, it's best to do this while your parent is still fairly young and healthy, since costs can go up as your parent gets older, or since he or she might get denied for coverage later in life. By making payments on this type of insurance now, you can help ensure that you have a certain amount of money each month to pay for your parent to have in-home care or to live in an assisted living facility or nursing home. Just make sure that you compare costs and do your research so that you can ensure that you purchase sufficient coverage.

3. Look at Insurance-Related Options

In some cases, insurance can help pay for care that your parent needs. For example, Medicare sometimes pays for things like care in a long-term care hospital and certain home health services. Medicaid also sometimes pays for certain long-term care costs. If your parent has some type of insurance coverage, such as Medicare supplemental insurance, then this might help cover some costs as well. It's definitely important to look into your parent's insurance-related options to help with coverage.

As you can see, there are a few different ways that you can come up with the money that you need to cover long-term care costs for your parent. By combining a few of these options, you can help ensure that your loved one's costs are covered and that he or she is able to get the care that he or she needs.

For more information, contact your local long-term Medicaid services.