There Are Only 3 Ways to Pay

9 Jan 2023 · 1 min

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0:55

In this concise monologue, the speaker emphasizes that everyone will likely need long‑term nursing home care at some point and outlines the three primary ways to fund it. The first option is private pay, which typically costs around $7,000 per month and does not guarantee superior care. The second, and the speaker’s preferred choice, is long‑term care insurance, especially for people in their late 50s or 60s, provided they can afford the premiums. The third option is Medicaid, which requires spending down assets to leave only $2,000‑$3,000 in liquid resources and may place a lien on a home, effectively treating the home as a loan. The speaker urges early financial planning and invites viewers to follow the channel for updates.

Chapters

I don't care how old you are, at some point in your life, you're probably going to need long-term care. And when I say long-term care, I'm talking about a nursing home. So whether you're 25 or 65, you better learn that there are only 3 ways to pay for it. The first way is straight out of your pocket, private pay. And unless you're at a nursing home that serves cocktails at 5 o'clock, private paying does not mean that you're going to get any better care than those who are paying with Medicaid benefits. And the cheapest places right now are about 7 grand a month. The second way is long-term care insurance, and that's the best way to pay for long-term care. If you're in your late 50s or 60s, you need to check it out, find out if you can afford the premiums. And the third way is Medicaid benefits, but you need to know that Medicaid benefits is not free money. If you have any money, you'll have to spend it all but $2,000 or $3,000 to qualify. And if you own a home, Medicaid is just a loan. They will do everything possible to get their money back out of your home. The earlier you prepare for how you're going to pay for your long-term care if you need it, the better. Follow my channel and I'll keep you up to date on it.