Chapter 6

Paying for Your Loved One’s Care

Despite recognizing that you need help in providing care for a loved one and your good intentions in seeking that assistance, the costs for care can be a significant deterrent. One of the biggest challenges seniors and families face today when deciding on eldercare options is how to pay for it. Many mistakenly believe that Medicare or Medicaid will provide the funds for their long-term care should they ever need it. In fact, these two programs pay for rehabilitative or curative care, not custodial care.

Many of our seniors lived their lives believing that they would “self-insure” and save enough money to be able to handle any costs associated with their golden years. However, they may have significantly ...

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