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Purchase of Insurance
Purchasing long term care insurance or life insurance policies with long term or chronic care riders is an excellent way to plan for nursing home and assisted living costs. We are familiar with the types of products available and can help you compare your options. Owning the right kind of long term care insurance can give you the security of knowing you will likely have your choice of facilities should you need care in the future.
Most people will not qualify for Medicaid payment of assisted living because the income threshold is very low. Long term care insurance, therefore, is the best way to plan for assisted living. In our experience, high quality assisted living in the Roanoke Valley begins at a price point in excess of $4,000.00 per month. Dementia care in assisted living is even more expensive. Some veterans who served during wartime and their spouses may qualify for a limited benefit called Aid and Attendance through the Department of Veterans Affairs that will help pay for in-home care, assisted living, or nursing home care.