Early planning pays off for Medicaid & Insurance

Long-term care can be expensive and is often an out-of-pocket expense. Medicare, a federal program for people older than 65 and those who have certain disabilities, doesn't generally pay for long-term care. Medicaid, a joint state-federal program designed for people who meet certain income requirements, might be an option for adults who have limited assets. Who's eligible for Medicaid and which services are covered varies by state. If you don't expect your savings to cover the cost of long-term care, you might be able to finance care through long-term care insurance. In exchange for monthly premiums, long-term care insurance covers nursing home care or other services. Premiums increase with the person's age, and coverage benefits vary. If you're considering long-term care insurance, make sure the policy covers any pre-existing conditions as well as conditions that could develop later, such as dementia.

 Read more: http://www.krdo.com/health/healthy_seniors/long-term-care-early-planning-pays-off/81565212