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Long-term care costs a fortune. With full time in-home care running around $16,000 a month and the local nursing homes costing between $7,500 and $9,000 a month, how do people pay for long-term care? How can anyone afford it?

Most of my clients pay for long-term care in some combination of five ways. There are positives and negatives with all of these methods of payment.

  • Private pay
  • Family Members
  • Long-term care insurance
  • VA Benefits or the VA Nursing Home
  • Medicaid

Private pay

Private pay is expensive and, at roughly $8,000 a month, most people will burn through their savings pretty quickly.

Long-term care Insurance

Not all long-term care insurance products are created equally. Some LTC policies are amazing. I have seen clients have ALL of their care paid for by their policy. I have also seen times where the policy was so restrictive that it was, essentially, useless. If you don’t already have a LTCI policy, you may want to consider getting one. They can be very expensive and you have to be relatively healthy to qualify. But, if you need long-term care one day, these policies can be a life saver.

VA Benefits and the VA Nursing Home

The VA will give money to qualifying veterans, spouses, or widows who need assistance with their care. You can learn more about who qualifies HERE. This is a great benefit. If you are potentially eligible for the VA benefit, please reach out to an Elder Law Attorney as soon as possible.

For most people, paying for long-term care is a jig saw puzzle of assets and government benefits. It is important to have a team of professionals who can help maximize your money and help you reach your goals.