Regardless of your age, you may have some concerns about needing long-term care assistance at some point in the future. It is never too soon to start planning for the future, but it can be too late.
The cost of long-term care
The average cost of a nursing home stay in Colorado is $7,854 per month. In Denver, the cost increases to $9,000 to $10,000 per month. With this in mind, you can’t afford to ignore what could go wrong in the future. Instead, you need to plan like you will — one day — require long-term care.
Fortunately, there is more than one way to pay for long-term care, at home or in a nursing home. For some, long-term care insurance is the best option, as it can help avoid paying out of pocket. The worst option is relying on savings to pay for care.
What about Medicare and Medicaid?
Many people assume that Medicare pays for long-term care services, but this isn’t true. While it may pay for some services, such as a short stay in a skilled nursing facility, your benefits will typically run out in 100 days.
Medicaid, on the other hand, can pay for long-term care services, such as a stay in a nursing home. Qualifying for Medicaid can be difficult without the help of some long-term planning.
Plan for the future when you are healthy enough to think clearly and consider all your options. This could mean many things, such as buying a long-term care insurance policy and using a Medicaid trust.