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Title: Cost-Saving Strategies for Extended Care

United States, 2nd May 2024, King NewsWire - Extended care, also known as long-term care, can be a significant financial burden for many families. Costs are not straightforward and can include expenses such as in-home care, assisted living facilities, and nursing homes. These add up quickly and may not be fully covered by insurance or government programs.But there are several cost-saving strategies that you can use to help manage the cost of extended care. With planning and creative thinking, you can carry the burden of costs a little more easily. Let’s take a look at some ideas that could help.First, know what is coming. Plan and prepare for the inevitability of extended care. This includes researching the types of care available, understanding the costs associated with each type of care, and considering options such as long-term care insurance. Research and planning can help you know what’s coming and be ready.Another cost-saving strategy is to explore home care options. An example is in-home care, which can be more affordable than moving to a nursing home or an assisted-living facility. Many older adults prefer to stay in their own homes as they age, and home care services can provide the necessary support and assistance to make this possible. There are also more options for in-home care than ever and in more places than in the past.Next, try to save money on extended care by looking into Medicaid. Medicaid is a joint federal and state program that provides healthcare coverage for low-income individuals. It can help cover the cost of nursing home care for those who qualify. There are other solutions for everyone, though. There are strict income and asset limits, so it is important to consult with an attorney or other professional to determine if you qualify and how t...

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