Individuals well-suited to covering extended care expenses with personal resources typically possess substantial assets and income. For example, a robust investment portfolio and significant retirement savings could enable someone to comfortably handle the considerable costs associated with assisted living or nursing home care without relying on insurance or government assistance. This approach requires careful financial planning and consideration of potential future healthcare needs.
The ability to privately finance long-term care offers several advantages. It provides greater flexibility in choosing care options and facilities, potentially accessing higher quality care. It also avoids the complexities and limitations often associated with insurance policies or Medicaid eligibility requirements. Historically, relying on personal wealth for eldercare was more common before the widespread availability of long-term care insurance. However, with rising healthcare costs, self-funding has become a viable option primarily for those with considerable financial resources.
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