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If you think you will need long term skilled nursing care

I often talk with couples where one spouse needs full time skilled nursing care.  Medicare is pretty good when treating illnesses, but if a patient cannot get well enough to care for themselves, they will be facing the prospect of long term skilled care.   

There are three basic ways to pay for long term skilled nursing care.  The first is to purchase some form of long term care insurance to cover or offset the high daily cost of full time care.  The second is to pay for it out of your own assets through savings, reverse mortgages, etc.  The final method is to qualify for some form of government benefit program.  The most well-known of these program are Medi-Cal (Medicaid anywhere outside of California), and Veterans Aid and Attendance program.

My next blog will talk about these three options in more depth, and will discuss pre-planning versus crisis planning for long term care needs.

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