How to Find Help to Pay for Long-Term Care for the Elderly

Over 70 percent of people over the age of 65 require long-term care, but finding help to pay for that care can be difficult. Long-term care is when personal assistance is required to help meet activities of daily living. Examples of different long-term care facilities include assisted living communities, nursing homes and Alzheimer's memory care centers. Family members and friends may assist a senior when help is first needed, but additional help may eventually be required. There are several forms of assistance and ways to create cash flow which are often forgotten about.

Things You'll Need

• DD 214 military discharge papers
• Life insurance policy paperwork
• Power of attorney

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Instructions

• 1

  Consider applying for veteran's benefits. Even a spouse of a deceased war time veteran may qualify for monthly assistance in the VA's "Aid and Attendance" benefit. Learn if the veteran in question served 90 days during war time---one of the qualifications for the benefit. Visit with a local VA benefits representative. Have the veteran's DD 214, or discharge papers available. Know that the application process can be complicated. It is suggested to seek guidance from a VA representative to accurately fill out the paperwork; mistakes can cause the application to be declined and may take several months to correct.

• 2

  Sell a home or assets. Consider using the cash created by the sale of a home to pay for elderly care. Additional assets include a boat, car or household items. Understand a senior will often not be driving or returning to the home in the future. Keep all sentimental items for family keepsakes. Renting a home may also create additional income to pay for long-term care. Work with a real estate or estate planning specialist.

• 3

  Cash in a life insurance policy. Find out if the senior has a life insurance policy and ensure the policy is still active. Surrender the policy to receive cash back which can pay for long-term care.

• 4

  Understand what Medicare and Medicaid will and will not pay for. Remember Medicare often only pays for the first 20 days of skilled nursing service. Be prepared to make partial payments from Day 20 of the stay until Day 100. After day 100, Medicare is not available and payments must be made privately. Private assisted living communities and long-term care centers often do not accept Medicare or Medicaid as a form of payment. Apply for Medicaid if no financial resources are available through local elderly and senior care centers. Understand Medicare and Medicaid is not available if personal finances can pay for care. A person must spend down savings and sell assets before Medicare can be used.