Paying for Long
Term Care
Ways to Pay For Care
We have created an easy tool for
understanding what programs and
services are available to pay for different
types of Long-Term Care (LTC.) Once
you learn the basics in this section, go
to our website at PolkElderCare.com for
more information.
This Section Includes:
• Private Pay
• Medicare
• Medicaid
• Long Term Care Insurance
• Reverse Mortgage
• Veterans
Paying for long-term care is a topic that
causes worry and stress for older adults and
caregivers. It can be expensive and wading
through the payment options can be daunting.
Long-term care can be paid for in a variety of
ways. We break them down for you here.
Private Pay
Funds may come from personal savings, pensions,
investment income, distributions from an
IRA or 401(k), annuity payments and the sale of
real estate/personal property. If you have assets
which could be used to pay for care, it is a good
idea to consult with an Elder Law Attorney for
assistance in structuring and protecting assets
to facilitate care through end of life.
Medicare
Medicare is health insurance for people
65 and older, people under 65 with certain
disabilities, and people of any age with End-
Stage Renal Disease (permanent kidney failure
requiring dialysis or a kidney transplant).
Medicare Part A: (also called Original
Medicare) provides benefits and coverage for:
• Inpatient hospital care
• Inpatient stays at certain skilled nursing
facilities (not long term)
• Hospice and home health services
Medicare Part B: (also called Original
Medicare) provides benefits and coverage for:
• Doctor and clinical lab services
• Outpatient preventive care
• Home health care
• Screenings, surgical fees and supplies
• Physical and occupational therapy
Medicare Part C: (also called Medicare
Advantage) is a different way of getting
Medicare Part A and Part B coverage.
Medicare Advantage (MA) Plans combine
Part A (hospital insurance) and Part B (medical
insurance) together in one plan. They can
also be combined with Part D prescription
drug coverage creating a Medicare Advantage
Prescription Drug (MA-PD) Plan. Generally,
these plans are offered as:
• Medicare Advantage Health Maintenance
Organizations (HMO plans)
• Medicare Advantage Preferred Provider
Organizations (PPO plans)
• Medicare Advantage Private Fee-for-Service
(PFFS plans)
• Medicare Advantage Special Needs Plans
(SNP plans)
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