The Number Nobody Wants to Hear
A nursing home in Southern California can run well over $100,000 a year.
Assisted living costs less but is still a serious monthly bill. Home care adds up fast once it goes beyond a few hours a day.
Medicare does not cover any of this for long. Most people think it does. It does not.
Most people never receive the full 100 days. Coverage stops as soon as you no longer need skilled care, which can be well before day 100. Help with daily living is not covered at all.
Two or three years of care can take apart what took 40 years to build. And the spouse who does not need care is often the one left holding the damage.
You Have More Than One Option
Most people think there is one answer, which is long-term care insurance.
That is one answer. It is not the only one, and it is not available to everyone.
Traditional long-term care insurance
If you are healthy enough to qualify and the premiums fit your budget, this can be the cleanest solution. We help you decide if it is right and what to look for.
Hybrid life and long-term care policies
These pay a benefit if you need care and pay your family if you never do. They cost more up front. For some people that trade is worth it.
Self-funding, done on purpose
Some people have enough to cover care out of their own assets. That is fine, but only if you set the money aside deliberately and know how much is enough. Hoping it works out is not a plan.
Your home as a backstop
For homeowners, a reverse mortgage line of credit can sit unused as a reserve and grow over time. It is not right for everyone. When it fits, it fits well.
The Best Time to Do This Is Before You Need It
Almost every good option here has a health requirement, a waiting period, or both.
Once care is already needed, most of the doors are closed.
That is the whole message of this page.
If you are healthy today, today is when this is worth an hour of your time.
If care is already happening
Sometimes people find us after a diagnosis, or after a parent has already moved into a facility. At that point the questions turn into legal questions about Medi-Cal, the house and what the state can recover later.
That is not our work. But we know the attorneys who do it well, and we are glad to point you to the right one. Call us and ask.
Retirement Planning Advisors, Inc. does not offer legal advice. Medi-Cal and Medicaid eligibility questions should be directed to a qualified elder law attorney. Please consult the appropriate professional regarding your individual circumstance.
