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Long-Term Care

 

What is Long-term care?

 

Long-term care is non-medical care for individuals who have a chronic illness or disability. This includes non skilled personal care assistance, like help with everyday activities that includes dressing, bathing, and using the bathroom.

 

Who covers my Long-term care?

 

Medicare and most health insurance plans, including Medicare Supplement Insurance (Medigap) policies, don’t pay for this type of care, also known as “custodial care.”

 

Who provides Long-term care?

 

Long-term care can be provided at the comfort of your own home, in the community, in an assisted living facility, or in a nursing home.

 

It’s important to begin planning for long-term care now so that you can maintain your independence and of course to make sure you get the care you may need, in the setting you want.

 

Here are a few ways to pay for long-term care:

 

Long-term care insurance

This is a form of private insurance that can help pay for many types of long-term care, including both skilled and non-skilled care. Long-term care insurance policies can vary. There are policies that may cover only nursing home care. While there are others that may include coverage for a range of services, like adult day care, assisted living, medical equipment, and informal home care.

 

Keep in mind, long-term care insurance DOES NOT replace your Medicare coverage.

 

Personal resources

Many individuals choose to use their own money to pay for long-term care. Keep in mind that long-term care can be VERY expensive. It’s very important to know the financial risk before deciding to try and save enough money on your own. This is something you should discuss with your family members and a financial professional because everyone has a unique situation.

 

Life Insurance options

Besides long-term care insurance and personal resources, there are insurance companies that allow you to use your policy to pay for long-term care. Ask your Medicare Mentor how this works. Also, you can choose to pay for long-term care through a trust or annuity. The best option will always depend on your age, health status, risk of needing long-term care, and your personal financial situation.

 

Medicaid

Medicaid is a joint federal and state program that is designed to help pay for certain health services for individuals with limited income and resources. If you happen to qualify, you may be able to get help paying for your nursing home care or other health care costs.

 

Veterans’ benefits

Veterans and their survivors who are eligible for a Department of Veterans Affairs (VA) pension and require the aid and attendance of another person, or are housebound, may be eligible for additional monetary payments.

 

Programs of All-inclusive Care for the Elderly (PACE)

PACE is a Medicare and Medicaid program offered in many states that allow people who otherwise need a nursing home-level of care to remain in the community.

 

Do you need help with understanding long-term care options? A Medicare Mentor can assist you!

 

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