1) Private pay. Pay out of your own assets for long-term care.
2) Kids pay. Typically the children don’t pay financially, but the they pay in term of their time.
3) Medicare. Medicare only pays short term rehab and hospice, not long-term care costs.
4) Long-Term Care Insurance. Long-term care insurance is a tool that can help pay long-term care costs, but it is certainly not a magic wand or the only answer.
5) VA Benefits. We’ll talk more about this more…
6) Medicaid. Medicaid pays for nursing home level care only, with harsh asset qualification penalties.
If a veteran needs long-term care, either home care, assisted living or nursing home care, there is a little known resource called the non-service connected VA Benefit that can help pay that cost of care.
Home care in Michigan can easily run over $3,000 per month when you’re buying a couple hours per day a couple times per week. The VA Benefit can easily come in and help off-set some of that cost of care.
There are five requirements to qualify for the Aid and Attendance Veterans Benefit.
The benefit is really that straight forward. If you’re able to overcome each of the requirements then you can bring in up to $2,120 per month tax free.
If you would like a free easy action plan to secure your VA Benefits, then contact our office for the VA Benefits Action Plan.
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