Long Term Care Costs Surprisingly High

According to the New York Times, many working adults are surprised to discover just how much it costs to care for an aging parent. The costs go beyond medical care to include travel costs and costs associated with missed work. Some adults must quit their jobs to become full-time caregivers when their parents become ill or disabled, leaving them even less able to contribute to expenses.

Often, the problem is that the parent has too much income or assets to qualify for Medicaid coverage, thus leaving their child responsible for the cost of care. Many caregivers do not have a clear idea of how much long term care costs, or believe that Medicare will pay for it (it will not).

One way to help offset the cost of elder care is to purchase long term care insurance before the parent becomes ill or disabled. The younger you are when you purchase long term care insurance, the less expensive it is…but the riskier it is for the buyer, who may pour money into premiums for decades without ever needing the coverage.

If the parents lacks assets to cover the cost of care and does not have long term care insurance, Medicaid can help - but ONLY if the parent's financial resources are totally depleted. Medicaid serves as the safety net for long term care, but it is only accessible to the desperately poor.