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Senior Care Reimbursement Overview

January 7th, 2008 by Gilbert Guide

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Planning for long-term care is complicated. Each person's needs are unique; therefore, the cost of long-term care varies greatly. Some social and physical assistance is available for free or at a low cost, while very expensive nursing home or home health services can cost upwards of $200 per day. There are many different ways to finance long-term care. You will probably need to use a combination of payment sources, which may include Medicare, Medicaid, long-term care insurance and other programs, in addition to your own resources.

It is essential to consult a professional such as an elder law attorney, financial planner or an accountant when planning for long-term care; this person should be well versed in estate planning, public programs like Medicaid, and the issues and needs of older persons. These long-term care professionals often work as a team. Gilbert Guide recommends getting a second opinion before making any final decision on financial matters. Check out our Learning Centers and Expert Columns where our long-term care experts point you in the right direction—raising awareness of the issues you need to know about when planning for your future.

Here are many of the options available to reimburse for senior care: