Saving for Senior Care

With all the craziness in the financial markets of late, everyone is concerned about their savings - especially seniors who are living on a fixed income and who are perhaps watching their savings fall along with the market.

Here is the good news and bad news about senior care.  If you have "some money" you are going to need to foot the bill for any caregiving services.  But if you have no money, the government will take care of you for as long as needed, only this care will need to be in a nursing home.  But you will be fed and cared for as long as required.

Each state implements their own Medicaid program - Medicaid is the insurance program for very low income seniors.  Usually the state asset level for Medicaid qualification is around $2,000.00 in assets.  Caregiverlist provides details on each state's Medicaid program, complete with contact information, within our "by state" senior services section:

Find your state on Caregiverlist and learn about the Medicaid qualifications along with other senior services, including the senior driving laws, background checks and Senior Helpline.

 

 

Comments (1) -

  • Sally Mathew

    2/13/2009 5:12:23 PM | Reply

    As my parents and in-laws age it is scary to think about the rising cost of their care if their health takes a turn for the worse.  We want the best for their care, but also know that they hope they will not have to worry about the quality of their care.  My in-laws also worry about one of them getting very ill and needing around the clock care, what will that do to the financial well being of the other one if left with that burden.  Will they have to spend the entire life saving on caring for their spouse, and then be left with little to live on for their remaining years.  They have friends that purchased expensive long term care insurance years ago and it only covers $100 per day, not enough in 2009 to provide around the clock care.

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