Long-term care is an essential service for many older aging adults and individuals with chronic health conditions, but it often comes with a hefty price tag. Unfortunately, the costs only seem to continue to rise.
When a loved one cannot afford the cost of long-term care, it can feel frustrating and overwhelming as caring for a loved one can ultimately become a full-time job. Where does one turn to get answers and help to learn what options you may have.
There are several articles out on the web but we like this one from A Place for Mom and also this one from Nerd Wallet.
These articles are helpful, however, here are some tips and resources to help navigate this challenging situation and ensure your loved one gets the support they need.
1. Explore Government Assistance Programs
Many government programs provide financial assistance or cover the costs of long-term care for those who qualify, and not just long-term care but potentially to help pay the cost of being a family caregiver, should you decide to keep your loved one at home.
Medicaid: Medicaid is a joint federal and state program that offers coverage for long-term care services for low-income individuals. Eligibility requirements vary by state, so check your state’s Medicaid office for specific details.
Medicaid Long-Term Care Services
Veterans Affairs (VA) Benefits: If your loved one is a veteran, they may qualify for VA benefits that cover certain types of long-term care, such as nursing homes or in-home support.
VA Long-Term Care Services
Social Security Disability Insurance (SSDI): For individuals who cannot work due to a disability, SSDI benefits may help cover some living and care expenses.
SSDI Benefits
2. Research Community Resources
Many local and nonprofit organizations offer services to support caregivers and individuals in need of long-term care. These might include:
Area Agencies on Aging (AAA): These local or regional public or private nonprofit agencies are designed to address the needs and concerns of all older persons at the regional and local levels. Their goal is to help individuals stay in their homes and provide resources and assistance, including case management, meal programs, transportation, and home care services for those who are aging or disabled.
Find Your Local AAA with a Simple Search. Your home state should appear first.
Nonprofits and Charities: Organizations like Meals on Wheels or United Way may offer free or low-cost services for older adults which can allow them to stay in their home. Moreover, you may find a number of long-term care facilities near you that are run by nonprofits and specialize in affordable housing and care.
3. Consider Family Caregiving Options
If professional care is out of reach, family members may need to step in as caregivers. For many, this is already the case but for financial reasons the loved one must remain either with you or have more help within their own home. Here are some ways to make this more manageable, if possible:
Share Responsibilities: Divide caregiving tasks among family members to reduce the burden on any one person. If there is no family, ask within your community. These people can take meals, transportation and socialization off your plate so you can focus on more of their personal care.
Use Respite Care Services: Many communities offer temporary care services to give family caregivers a break.
Apply for Caregiver Support Programs: Some states offer financial assistance or tax breaks for family caregivers.
4. Look Into Affordable Housing and Care Alternatives
If your loved one does not require intensive care, explore more affordable options like:
Assisted Living Waivers: Some states have Medicaid waiver programs that cover the cost of assisted living facilities.
Shared Housing: Home-sharing arrangements can provide both companionship and reduced living expenses.
5. Review Financial Planning Options
Professional financial guidance can be invaluable when navigating long-term care costs, if your loved one has some finances, income or property that could be helpful. Options to explore include:
Reverse Mortgages: For homeowners, a reverse mortgage can provide income to cover care costs.
Long-Term Care Insurance: If your loved one already has this insurance, review the policy to understand what it covers.
Life Insurance Conversions: Some life insurance policies can be converted into long-term care benefit plans.
6. Advocate for Policy Change
Governmental and corporate systemic issues often contribute to the affordability crisis in long-term care. Get involved locally, regionally and even nationally in advocating for a change in the healthcare system, especially for aging Americans to:
Expanded Medicaid programs
Increased funding for caregiver support
Better wages for long-term care workers
Organizations like AARP often lead advocacy efforts and provide resources for getting involved.
7. Have Honest Conversations
Financial discussions can be difficult but are essential. Talk openly with your loved one and other family members about:
Available resources
Financial limitations
Care preferences and accessibility
When you have a full understanding of the financial situation, what your loved one requires for care and the realities of potential limitations, the hope is you can come together to offer them a respectful life of love and group care.
Navigating the challenge of affording long-term care requires creativity, resourcefulness, and collaboration. By exploring these options and leveraging available resources, you can help ensure your loved one receives the support they need. For more detailed information and additional guidance, consult the links provided or contact a local eldercare specialist.
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