The National Clearinghouse for Long Term Care Information reported women need long-term care
more than men. In fact, women make up for two-thirds of formal and informal long-term care recipients. Because they are most likely to need such care, it is only appropriate that they plan how to pay for it. Below are some long-term care financing options.
If the care needed is rehabilitative or therapeutic in nature, Medicare might help pay for it. Medicare covers rehabilitative care in a skilled nursing facility. Costs of services are paid in full from the first day until day 20; however, a co-payment of $144.50 is required from day 21 until day 100. No benefits will be given after day 100. If the care needed is custodial instead of rehabilitative, find another source of financing because as its website says, Medicare will not pay for it.
Medicaid can pay for all long-term care costs, but coverage is limited to those who passed the poverty criteria of their states or people who have no more than $2,000 worth of assets.
3. Out-of-Pocket Payments
Women can choose to pay out of pocket
. However, long term care is very expensive. If a woman has to be cared in a nursing home, she must be prepared to spend close to $100,000 a year because, as of year 2012, a semi-private room accommodation in a nursing home costs about $73,000.
4. Long-term Care Insurance
Owning a long-term care insurance policy is seen as the most cost-effective way to pay for long-term care. As long as the pre-determined premiums are paid on time, and the conditions set forth in the contract are met, the insured will have fewer long term care worries. A person who needs long-term care
, for example a woman, must have this kind of coverage if they want to remain financially stable in their golden years.