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Depending on what long-term care option your loved one chooses, prices can vary. Many families may be surprised to find out that Medicare and private health insurance policies don’t typically cover the cost of care. Learn how you can pay for long-term care by reading on!

1. Long-Term Care Insurance

In addition to your health insurance, families can purchase an additional long-term care insurance policy for their loved one. Policies generally cover most services offered by a home care agency, nursing home, or assisted living facility. It’s best to purchase a long-term care insurance policy when your loved one is in good health as they may not qualify if there are any pre-existing conditions.

2. Life Insurance

If your loved one already has life insurance, they may be able to add a long-term care rider to their policy. An accelerated death benefit allows your loved one to get a tax-free advance on their policy while they are still alive to pay for the cost of care. If your loved one doesn’t require long-term care, their beneficiaries receive a tax-free benefit as long as the policy is in effect.

3. Reverse Mortgage

A reverse mortgage allows the homeowner to draw on their home’s equity to pay for long-term care. Your loved one can receive a lump sum or monthly payment and even open up a new line of credit. In the event of their death, heirs are left with the remainder of the home equity after paying off the amount owed. There are both pros and cons of having a reverse mortgage.

4. Annuities

An immediate annuity and deferred long-term annuity can usually be purchased through your loved one’s insurance company. A single premium payment for an immediate annuity means they receive a specified amount of monthly income for a designated period of time. With a deferred long term annuity, they will have two sources of funding—one fund that is specifically for long-term care and another fund to use however they would like.

5. Out-of-Pocket

For seniors who don’t have an insurance policy or qualify for Medicaid, they must pay out-of-pocket. Planning for long-term care way before it’s needed can prevent stress and financial burden. This can benefit those who don’t want to pay high insurance premiums. However, only 1 in 4 adults over the age of 45 are actually prepared for the cost of care.

About the Author: Peter Kang is a writer for eCaregivers. He is inspired by his caregiver experience with his late grandfather and role model, a Korean War veteran, to help families find affordable care for their loved ones. Follow Peter on Facebook and Twitter.

‘Carpe diem’ is a phrase that you’ve no doubt heard before. Your grandchildren might be announcing instead that ‘YOLO – you only live once’. The message is simple – live each day as though it’s your last, you never know what’s around the corner. According to those phrases, saving for old age might be a waste of money. We never know if we’ll make it to retirement, or how far into our retirement years we’ll get. Aren’t there more important things to be spending our money on than our old age care? Should we be saving at all?

What are your future prospects?

As much as you might convince yourself that you never know what lies ahead, the reality is that you can assume that you’ll live to see old age. Thanks to medical advances, more and more people are living full and healthy lives past an age that would previously have been considered to be ‘old’. After those healthy years, in many cases, come the not-so-healthy years when medical costs and care costs increase.

If you’re trying to convince yourself that saving isn’t worthwhile because you might not ever be ‘old’, bear in mind that by 2030 it is expected that 1 person out of 5 in the U.S. will be 65 or over.

Should you save for old age?

Your future is unknown. A majority of people pay a small fortune in costs for their care when they reach old age. The amount of support available could increase by the time you’re there, or it could dramatically decrease. It is far better to assume the latter and be prepared for every eventuality than to assume that you’ll have financial support and then discover later on that you don’t.

As you age, you may become less able to earn money and may be less capable of making your own decisions. If you don’t prepare in advance, then the eventual burden of your old age care will fall to your loved ones. By saving for old age, you are able to ensure that you get the best place to live, the best support and the best medical treatment, without impacting on the finances and livelihoods of younger family members.

Ecuva is an online health and wellness store where customers can purchase daily living aids, disability aids and items that can make old age easier, more comfortable and more independent.

Traveling is stressful for everyone, but traveling as a senior citizen comes with its own unique challenges. In order to make your next trip as easy and enjoyable as possible, be sure to keep these four easy tips in mind.

1. Prepare for Security Checkpoints

If you have to go through a TSA checkpoint before your trip, make sure you plan for it ahead of time.

TSA agents typically try to make things as easy and efficient as possible for seniors, especially those who are in wheelchairs or have other mobility limitations.

To help them do their job properly, make sure you let the agent know about any medical conditions — like pacemakers or implants — that might set off alarms. You should also try to get a physician’s statement verifying your implant to avoid delays.

2. Invest in Quality Pillows

Hotel pillows are often not as comfortable as the ones you have at home. Either bring one with your or invest in a quality pillow before you go to make sure you sleep comfortably at night.

You’ll also want to invest in a neck and back pillow for car and plane rides. This way, you won’t have to deal with any pain on your way to your destination.

3. Pack Light

Try to fit everything you need in a roll-aboard suitcase and a medium-sized carry on bag. Don’t bring more than you can carry — otherwise, you’ll be setting yourself up for a lot of discomfort.

If possible, bring both your bags on the plane and stash one in the overhead rack. This will make things easier when you land since you won’t have to hang around the baggage claim area.

4. Manage Your Medication

Make sure your medications are safe and accessible throughout your trip. Store them in a zip-lock bag and keep that bag in your carry-on. Keep copies of your prescriptions and physician statements in the bag as well.

When you get to your destination, you may want to ask for reminders from the hotel or cruise staff to help you take your medication at the same time each day. You can also set an alarm on your watch or cell phone so you stay on top of everything.

Traveling as a senior doesn’t have to be stressful. Keep these tips in mind to stay safe and comfortable throughout your trip.