It can get really expensive to pay for senior care in Minneapolis. If you or a loved one needs senior care in Minneapolis, it can all add up pretty quick. You will need to pay for the housing, the food, any activities that are provided, transportation to and from appointments, any medical services that are provided and all medications that are need. There are options available to help you and your loved ones if they need senior care in Minneapolis. Here is some more information about the financial aid that you can receive if you need senior care in Minneapolis.
Long Term Care Insurance
The first type of financial aid that you should look in to is long-term care insurance. This type of insurance is nice because it is able to help you pay for almost anything and everything that you will need taken care of in terms of senior care. You will only have to a monthly or annual premium for this insurance and you can have control over how much coverage you get. Keep in mind that the higher the coverage the more you will have to pay in premiums each month.
You might have to dip into your private savings in order to cover some of the costs of senior care. Some programs, such as Medicaid, will not help you out until you have used up the majority of your own assets to pay for your senior care. This is why it is important to start a retirement plan early on in life so that you will have something to fall back on when you need some help with the bills.
Reverse Home Mortgage
Another option that you might have is to take out a reverse mortgage on your home. This is a great idea if you or your spouse is not able to stay in your home anymore. By doing a reverse mortgage you will be able to receive a regular income that can be used to help you to pay for anything you need such as the long term care insurance premiums or any other senior care need.
Sometimes you will be able to use Medicaid to help you pay some of your senior care expenses. This type of financial aid can be tricky to get. You will have use up most of your assets before you can even apply for this type of aid. Some states will let you exempt assets such as your home but you will have to check with your state ahead of time. If you do use Medicaid, the state will try to get back any money that it spent on your care in your estate after you die so you should keep this in mind when you apply for Medicaid.