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This article provides an overview of the various options available to pay for senior living, including insurance strategies, tapping into home equity, and taking advantage of government assistance programs.

Long-term care insurance, hybrid insurance policies, life insurance with an LTC rider, and annuities are all options to pay for senior care.

Reverse mortgages and liquidating assets are other ways to pay for senior living.

Veterans have access to a range of benefits and programs, and Medicaid covers long-term care for those with very little income and assets.

Article Summary

Aside from using personal savings, other ways to pay for 

 include various insurance strategies, tapping into home equity, or taking advantage of government assistance programs.

Life insurance, long-term care insurance, and annuities are often used to pay for senior care.

 can offset the costs of long-term care but it generally must be purchased quite a bit before it’s needed – it gets very expensive as people age or develop serious health conditions. Policies don’t always cover care in every type of senior living setting, so look closely at the terms of each specific policy.

combine life insurance and long-term care insurance so you can pass a death benefit on to a beneficiary if you don’t end up needing long-term care. Most hybrid policies are more limited than traditional LTC insurance, covering only five years of long-term care.

Life Insurance with an LTC Rider or Accelerated Benefits 

allows you to access life insurance benefits early if needed to cover long-term care expenses.

are special contracts with insurance companies. They provide a reliable stream of income over time in exchange for an upfront lump-sum payment. Different types of annuities exist for different circumstances, such as paying for long-term care or planning for 

Many seniors sell or rent out their homes in order to pay for senior care. In some cases, they get creative – for example, by selling to a family member who, in turn, rents it back to them.

are loans for older homeowners who owe little or nothing on their primary residence. A reverse mortgage provides a lump sum or monthly income that can be used to pay for needs like long-term care. Instead of making payments on the loan, it gets larger over time. You pay back the entire amount borrowed, plus any upfront and ongoing fees when you die, sell the home or move out.

Selling artwork, jewelry, collectibles, extra vehicles, or other assets can sometimes provide enough cash to cover long-term care needs.

have access to a range of benefits and programs. Some offset the costs of long-term care and others provide board and care in nursing homes, assisted living facilities, group homes, or other senior living settings.

covers long-term care for individuals who have very little income and very few assets – provided they haven’t compromised their eligibility by giving away assets, for example. Many seniors plan ahead for Medicaid eligibility or engage in complicated Medicaid planning strategies in order to keep their spouse out of poverty or protect certain assets to pass on to their loved ones.

What Are My Options to Pay for Senior Living?

The national average cost of care per month (Genworth Cost of Care Survey, 2021):

Period (hourly, daily, monthly, or annually)

A different number of weekly home care hours

How Much Does Senior Living Cost?

Depending on your situation, different professionals may be most helpful in helping you pay for senior living.

A CFP will look over your entire financial picture, analyze your options and help you develop a plan to pay for senior living and meet any other financial goals. Read more about finding and selecting the right CFP here.

Look for an agent specializing in the type of insurance you’re interested in exploring – long-term care insurance, life insurance with an LTC rider, annuities, etc. Learn about finding and selecting the right insurance agent here.

Find a reverse mortgage counselor at the U.S. Department of Housing and Urban Development (HUD) 

. A HUD-approved counselor can help you determine whether a reverse mortgage would be a sound move in your situation and guide you to finding a reputable lender.

The veterans' benefits available to you vary based on a number of factors such as your need, service history, and location. Learn more at the 

U.S. Department of Veterans Affairs website

If you have less than $2000 in monthly income and less than $2000 in assets, you can 


If you’re interested in planning ahead for Medicaid eligibility, there are a number of different types of professionals who can assist. The 

American Council on Aging’s Medicaid Planner Finding Tool

 can help you find the best planner for your situation.

Who Can Help me Take the Next Step?

Annual Report on Long-Term Care Insurance: 2021

Is Hybrid Long-Term Care Insurance Right for You?

Should I Get Hybrid Long-Term Care Insurance? | Policygenius

Health Savings Account (HSA) - HealthCare.gov Glossary

HSA savings can be used for long-term care in retirement | Employee Benefit News

How HSAs (Health Savings Accounts) work with HDHPs | HealthCare.gov

Sources

Explore available finance options and assistance programs to help afford senior living for your loved one. Our concise guide provides insights and resources to simplify the process, ensuring a comfortable and secure future for your loved one.

Financing Senior Living: Uncovering Options & Assistance Programs for Care - Olera

Paying for Senior Living: Exploring Finance Options & Assistance Programs

This article provides an overview of the differences between Medicare and Medicaid, and how they relate to elder care.

Medicare is a federal program that is open to all seniors once they reach age 65, while Medicaid is a joint program between the federal government and each individual state.

Medicare is divided into four parts that provide coverage in different situations, while Medicaid provides health insurance and covers the cost of long-term care under certain circumstances.

Medicare does not pay for personal or long-term care, while Medicaid covers care in a nursing home for those who qualify.

If you’re feeling confused about the differences between Medicare and Medicaid, and what each program does – or doesn’t – cover, take comfort in knowing that you’re not alone! They’re both incredibly complex systems that are hard for most people to untangle. We’ll lay out the basics of both and help get you pointed in the right direction for your senior loved one’s situation.

Introduction

Both Medicare and Medicaid are government programs that provide health care benefits for American citizens or permanent residents who meet their eligibility requirements.

 is a federal program that is consistent throughout the nation. It’s generally open to all seniors once they reach age 65.

 is a joint program between the federal government and each individual state. It’s run at the state level, so details can vary widely from one to the next. Even the name of the program differs in many states! Some simply call it their State Plan or Title XIX, but others have special names such as Medi-Cal (California), KanCare (Kansas), or MassHealth (Massachusetts).

Medicare is divided into four parts that provide coverage in different situations.

 - Hospice, Skilled Nursing Facility, Inpatient Hospital Care

- Outpatient Care, Durable Medical Equipment, Home Health Care

These special plans are sometimes available through private insurance companies. They provide the same benefits as Parts A and B – and sometimes D – plus additional areas, such as dental, vision, or hearing. Some plans now also include adult daycare, respite care, personal care assistance, housekeeping, home modifications, or meal delivery. Coverage varies from plan to plan, so check with your loved one’s plan administrator about any questions.

Medicaid provides health insurance and also covers the cost of long-term care under certain circumstances.

 include many common medical expenses, such as doctor or hospital visits or lab and x-ray services. Beyond these basics, Medicaid benefits vary tremendously from state to state.

What are the Differences Between Medicare and Medicaid?

Under most circumstances, Medicare will NOT pay for personal or long-term care. Skilled nursing coverage is limited, and is reserved for those recovering from a significant hospitalization.

Medicaid is the largest source of long-term care coverage in the nation

, supporting over sixty percent of nursing home residents.

Medicaid covers care in a nursing home for those who qualify. It also pays for personal care in other settings to a limited extent.

Nursing home care is considered an “entitlement”, which means that the state will always cover it for enrolled seniors who require that level of care.

medical specialist determines that your loved one doesn’t need a “nursing home level of care”

 they may still be eligible for “home and community-based services” (

), such as care in the home, at an adult day care program, or in an assisted living facility.

In many states, Medicaid will cover the cost of 

 in a home or assisted living facility, but not room and board (which is often the bulk of the charges). Additionally, home and community-based care is not an entitlement – it’s considered a “

Waivers are special Medicaid programs that cover costs outside of nursing homes under certain circumstances. However, even if your loved one is eligible, they may not be able to participate, because enrollment is limited to a certain number of “slots”. There are sometimes long waitlists for waivers.

Waivers vary by state. They sometimes have different eligibility requirements than the regular state Medicaid plan. Even the exact definition of terms like “assisted living” can vary from state to state, so it’s important to get information directly from your state’s Medicaid office, or from an advisor familiar with your state’s specific rules.

Call 1-800-MEDICARE (1-800-633-4227) to find 

contact information for your state's Medicaid office

“Dual Eligibility” for Medicare and Medicaid

Seniors can be eligible for both Medicare and Medicaid at the same time. Medicare’s eligibility is based on age while Medicaid’s is based primarily on financial need.

In some cases – such as when a senior has less than $2,000 in assets and less than $2,000 in monthly income – Medicaid eligibility is fairly straightforward.

However, in many cases, the application process can be pretty complex. The rules change frequently and vary based on many things, including marital status, state of residence, and which assets are “countable” and which are exempt. Depending on the situation, there are different pathways to eligibility.

A few examples of common circumstances include:

A Single Senior with High Medical Expenses

A single senior who has high medical expenses may be considered “

”, which may allow them to qualify even if their income exceeds limits for other pathways.

Will Medicare or Medicaid Pay for Long Term Care?

Discover the essential criteria for determining if your loved one is eligible for Medicaid. Our concise guide helps you navigate the qualification process, ensuring you understand key factors, requirements, and insights for seeking assistance.

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