Long Term Care: Alternatives and Considerations
S. Stum, Ph.D. & Claire Althoff; Family Social
an elderly family member needs long term care,
a variety of methods may be used to pay for the
costs involved. There are no "magical"
or "right" payment options for all families.
What's "right" depends on what is most
important to those involved, their personal values
and financial goals, as well as what options are
legally available. Choices will be influenced
by whether or not a person is eligible or qualifies
for an alternative given their financial resources
and health status. Most families rely on a variety
of financing alternatives, not one single source.
individuals fail to plan in advance for the possibility
of changing health and need for long term care,
choices regarding how to pay often become more
limited. Planning in advance allows time for gathering
information, comparing options, and determining
which options help achieve what is most important.
Regardless of when decisions need to be made,
it is important to consider the potential consequences
of each financing option for each unique family