One of the biggest concerns when it comes to long-term care is how to pay for it. There are several options available to assist with these costs, including long-term care insurance, private pay, Medicare, Medicaid, and Veteran’s Benefits. The key question is: which option is best for your specific needs? Many people assume that Medicare will cover all long-term care costs. While Medicare can cover up to 100 days in a Skilled Nursing Facility (SNF), it only covers the first 20 days in full. For days 21 through 100, you will need to pay a co-pay for services.

Medicaid is another option, covering a significant portion of long-term care expenses in Florida. Contrary to common belief, Medicaid is not exclusively for low-income individuals. Those who are not low-income can still qualify with careful planning, and there are ways to meet eligibility requirements without having to deplete your assets. For veterans and their spouses, the U.S. Department of Veterans Affairs (VA) provides benefits that can help offset the cost of long-term care and offer additional medical assistance for those who have served.

At Gibbons | Neuman, we aim to simplify long-term care planning and help you navigate your options. Contact us today to schedule a consultation and learn how you can plan for your future and secure the care you deserve.