Monday, April 25, 2011

Who Pays for Long Term Care - Common Misperceptions

While developing financial plans for long term care, families often hear bits and pieces of information from their friends and families about programs and resources that can help. The topic can be confusing and there exists a lot of misinformation. We recently revised and expanded the Common Misperceptions about Who Pays for Long Term Care section of our website to help families alleviate some of this confusion.

It seems one of the areas that generates the most confusion are federal programs that provide assistance to the states. Families hear these programs are designed to help the elderly and don’t realize that they do provide assistance but only indirectly. Programs, such as Community Living Grants, provide assistance by funding states agencies that in turn, develop programs with those funds that provide services for the elderly. There are also programs such as The CLASS Act, which will help families directly but not from several more years.

Our hope is by providing information about programs that do not provide direct assistance, families can very quickly learn about those programs and not extend further effort searching the Internet for information. We hope our readers will contribute information to this blog on programs they have found confusing or misleading so that we can continue to build out this section of our website.