You are here: Home Insurance Long Term Care: ... Overview
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Long Term Care: Alternatives For Paying For


Next »


Alternatives for paying for long term care include:

  • Medicaid
    • As a general matter, the payor for the greatest number of people requiring long term care in a nursing home is the government program known as Medicaid. Medicaid is a program for people with limited income and assets (not counting the value of a home.)
    • For medical care, as a general matter, if you have too much income and/or too many assets to qualify, you can give them away and qualify the next day. However, this is not the case with payment for nursing home care. Transfers for this kind of care require advance planning. For information about advance planning, click here.
    • For information about spousal impoverishment with respect to Medicaid and nursing homes, click here.
  • Medicare pays for short term stays in a nursing home after a hospitalization. Medicare does not pay for long term care.
  • Private Health Insurance: If it pays for long term care, it is only for a short period of time.
  • Annuities
  • Life Insurance (including borrowing against it, selling it and/or cashing it in)
  • Credit
  • Use of other assets (such as borrowing money against a house)
  • Family and Friends: For information about how to borrow money from family and friends, click here.

NOTE: Consider whether family or friends who can take care of you at home can help you avoid, or delay going into a nursing home - possibly under the direction of your doctor with help a few hours a day from a home health aide. For information about home health care, including information about home health aides, click here.

Please share how this information is useful to you. 0 Comments


Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.