MONEY MATTERS: Long Term Care
Just exactly what is long term care?
It's really just the need for care the inability to do the things you're use to doing on your own where you need some help. Whether it's custodial care maybe an assisted living facility or a skilled care regular nursing home.
And who pays for that? Is it you as an individual? Can you get insurance policies how does that work?
Well, it's very very expensive. The national average is about $85,000 and it varies in the region you live in. That's national average. Paying for it you really have several different options. One you can use your own resources, your savings and your investments and some people are forced to take a reverse mortgage on their house. People think Medicare will pay for it. Well, Medicare is very limited on what it does pay and Medicare only pays for skilled care and it only pays for up to 100 days. Another option is Medicaid. Medicaid is a state program, a state fed program that they work together, but you have to spend clear down your assets before you're able to qualify for Medicaid. So, it's really adverse when it comes to your own financial savings when you have to go into long term care absolutely and the last way we didn't touch on, we can touch on another day is insuring risks.