Planning for Long Term Care with PTSD in Mind
Long-Term Care and PTSD
If your loved one has been diagnosed with PTSD, long-term care will likely be essential since most people who are living with trauma, addiction, and other mental health issues need time to heal. Unfortunately, healing from PTSD will not happen overnight, and treatment in a long-term care (LTC) setting is often necessary. Living in an LTC facility may give your loved one the opportunity to develop a strong relationship with the community, build new relationships, and enjoy the resources they need to sustain long-term recovery.
How to Plan for Long-Term Care
Since long-term care costs can add up quickly, it’s important to have a plan in place to help cover expenses. The earlier you design an LTC and stick to it, you’ll have more control and choice. Some options to consider in your plan include:
- Long-term care insurance – Typically, the best type of long-term care policy for those with PTSD is a traditional long-term care policy. Also called a long-term care partnership plan. When your loved one applies for one, they should be prepared to share when they were first diagnosed. As well as what prescriptions they’ve taken, and whether they’ve ever been hospitalized or visited the emergency room for PTSD.
- Home equity – If your loved one decides to move to a long-term care facility permanently, they might be able to sell their home. Then use the funds to cover the costs of the care. If a spouse or another family member remains in the home, a reverse mortgage might be an option. This strategy allows them to tap into home equity. The loan must be paid back if the owners move out, sell, or passes away.
- Medicaid – In the event, your loved one doesn’t have a lot of money saved or encounters a catastrophic expense that wipes out their savings, they may need to depend on Medicaid. Fortunately, there are a few ways to protect some assets for spouses if this situation does arise.