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Options to Pay for Care |
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Public Funding sources:
- Medicare is the federal program
providing hospital and medical insurance to people aged 65 or older,
and to certain ill or disabled persons. Only in certain conditions
are benefits available for home health care – usually after a 3-day
hospital stay and when skilled services are needed. Generally,
Medicare may pay for up to 100 days of care in a skilled nursing
facility per benefit period – 100% for the first 20 days (after a
three-day hospital stay, if skilled care is needed). Then, from day
21-100, Medicare requires a co-payment. A Medicare Supplement
insurance policy can help cover the co-payment, but often once
Medicare stops paying for care, the supplement payment ends as well.
- Medicaid generally pays for certain
health services and nursing home care for those with low incomes and
limited resources. Medicaid may also pay on a very limited basis for
long term care services at home and in the community. Medicaid
limits your assets and monthly tax-free cash before you are eligible for
benefits, and restricts transferring assets to qualify for Medicaid.
Eligibility and covered services vary by state.
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Private Funding Sources:
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- Long Term Care Insurance is an
excellent tool for planning ahead. The younger you are when you
get a policy the lower the cost and the more likely it is that
your health will enable you to quality. Policies available today
are very flexible and can provide benefits for aging in place,
in assisted living facilities, Alzheimer’s facilities or skilled
nursing facilities.
Click here for more information
- A Reverse Mortgage can provide a way
for an individual to use their home to stay at home. It is a unique
loan insured by the Federal Housing Administration that
enables senior homeowners (62+) to convert part of the equity in
their homes into tax-free income without having to sell their home,
give up title or take on a new monthly mortgage payment. There are
no restrictions on use of the funds so they can be used for health
care, long term care or any other purpose.
Click Here for more information
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