For many seniors, long-term care planning is crucial. It is their way of navigating the intricacies of the golden years. While many people focus more on hobbies, travel, and family time in their later years, financial planning for the future holds equal importance. A study suggests that someone over 65 can have a nearly 70% chance of requiring some type of long-term care and support for the remaining years.

Are you or a loved one planning for extended care? If so, you’ve come to the right place. Below, this Medicare Supplement broker in Wanatah, Indiana is going to explore five potential options for financing your long-term care.

1. Personal funds

Personal savings, Health Savings Account (HSA) investment, and retirement accounts are often the first option seniors resort to for funding long term care. While these can be a reliable resource, they can deplete quickly, especially with extended care. Setting realistic goals is important to offset out-of-pocket costs while preserving your savings in the long run and alleviating any financial strain.

2. Veteran’s benefits

Eligible veterans and their spouses may receive support through the Department of Veterans Affairs. It helps them with the financial backing to easily cover long-term care needs, including nursing home costs, assisted living, and in-home care. It is essential to contact the VA or a Veteran Service Organization to understand the comprehensive eligibility guidelines.

Another essential government aid program can include Medicaid, especially designed for low-income seniors. While there is limited coverage in Medicaid, it is by far the largest source of long-term care funding. You can always speak with a Medicare Supplement broker in Wanatah, Indiana to understand how to integrate Medicare and Medigap with Medicaid if the need arises.

3. Community resources

Many communities offer aid for seniors to help them with long-term care. Resources include subsidized services by local governments, non-profits, or state programs. The services might include adult day care, in-home support, and respite care at much lower costs. Such benefits help seniors maintain independence while allowing them to save on their personal expenses.

4. Family support

Paid care can be expensive and overwhelming for a lot of people. Including your family in caregiving can help reduce some care costs, and it can also give you that much-needed support system. Your loved ones can also help you with your routine and essential tasks, but it is important to have a clear structure and a caregiving plan to avoid burnout and help balance responsibilities.

5. Medicare and Medigap

Original Medicare is suitable for people over 65, someone with a disability, end-stage renal disease, and more. But with long term care needs like custodial or ongoing home care, Medigap is a more suitable choice. It helps cover copayments, coinsurance, deductibles, and a lot of other services that Original Medicare does not cover. Medigap can significantly reduce your out-of-pocket burden and must be part of your financing strategy when planning your future finances. Do not hesitate to contact a Medicare Supplement broker in Wanatah, Indiana to learn more about the available plans.

Looking for a Medicare Supplement Broker in Wanatah, Indiana?

Long-term care planning is crucial not just for peace of mind, but also for financial security. There are a wide range of solutions available for your needs. It’s important to take your time and choose one that is well suited to your circumstances.

Do you need help reviewing your options with an expert? If so, and if you’re ready to meet with the best Medicare Supplement broker in Wanatah, Indiana, Senior Care Insurance Services is here to help. Contact SCIS today to discuss your situation.