There's no denying the fact that eldercare can be expensive. In some parts of the country it will cost $75 to $100 for someone to help with basic household chores. $175 to $200 per day is not unheard of for 8 hours of help with personal care needs. Even assisted living costs can top $5,000 per month or more in locations where the cost of living is high.

Medicare only covers medical care...doctors, hospitals, and related medical expenses. Costs related to what is called "custodial care" are mostly up to us. Custodial care is the kind of help most of our elders need. Help with getting a bath, fixing a meal, keeping up with medications and generally getting around are all custodial care needs - even if the need for this kind of help is caused by a medical disability.

Typically there are five sources of funds to pay for long term care needs:

1. Savings and other personal funds;
2. Medicaid for very low income individuals or those who need nursing home care;
3. Long-Term care insurance;
4. Reverse mortgage
5. VA

Although there is no national program that will directly cover the cost of long-term care, either at home or in a facility, there are numerous programs that can help with costs. The best way to check your elder's eligibility for most public programs is to use Benefits Checkup. This free website, sponsored by the The National Council on the Aging, allows seniors to anonymously review which state and federal benefits they might qualify for with instructions on how to apply. Many are available regardless of income and can help with the costs of home care, meals, transportation, housing, prescription drug costs, and utility bills.

Medicaid is the joint state and federal program that covers the cost of health care for the very, very poor and those with low incomes who need nursing home care. Look here for your state Medicaid office. Call to inquire about your state eligibility rules, or use Benefits Checkup.

A senior in need of extra care at home or in a residential facility will not be able to qualify for long-term care insurance. However, if your parent or older loved one is still relatively young and has no major health problems it is worth checking into.

A reverse mortgage, or a loan against the equity in the senior's home, provides tax-free payments that do not have to be repaid until the homeowner moves out or dies. These payments can be taken as a lump sum or as monthly payments and can be used for anything the senior chooses. Fannie Mae offers a brief and unbiased introduction to reverse mortgages.