Veterans life insurance

Financial assistance for long-term care for the elderly – What are the options?

Financial assistance for long-term care of the elderly – What are the options?

The cost of medical care is a common concern for seniors and caregivers. Expenses for long-term care for the elderly can add up and use up a significant portion of a person’s monthly income, even for families who think they have saved enough money to cover it.

People pay for long-term care in different ways, but often they have to rely on various sources of payment such as government programs, including Eligibility for the ALTCSpersonal funds and private financing options.

It is important to be able to offer advice and for this you need to understand the different options.

Government programs

There are government programs that some seniors may be eligible for. Caregivers can help by learning about different sources of financial help and helping older people apply for help.

There are several federal and state programs that may provide assistance with health care costs.

Centers for Medicare Medicaid Services (CMS)

CMS offers several programs, however, benefits and eligibility requirements may change and some of the benefits differ from state to state. It is best to check the latest information with the CMS or individual programs directly.

Health Insurance

This federal government health insurance program pays certain medical expenses for people age 65 and older and for anyone with advanced kidney disease. It also pays some medical expenses for those who receive Social Security disability income for 24 months.

Ongoing personal care at home, long-term care or assisted living is not covered.

Medical help

Some people may be eligible for Medicaid, a combined federal and state program for low-income individuals and families. It covers the cost of medical care and certain types of long-term care for people with limited income. There are eligibility requirements that must be met. Who is eligible and which services are covered vary by state.

There are government programs that some seniors may be eligible for.

All-Inclusive Care for the Aged (PACE) Program

PACE is an option in some states. This is a Medicare program that provides care and services to people who would otherwise need nursing home care.

PACE covers medical, social and long-term care costs for frail people. It can also pay for some or all of the long-term care needs of someone with Alzheimer’s disease.

State Health Insurance Assistance Program (SHIP)

This is a national program offered in every state. He provides advice and assistance to individuals and their families on Medicare, Medicaid and Medicare supplemental insurance issues.

Department of Veterans Affairs

This service may provide long-term care or home care for some veterans.

Social Security Administration Programs

Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) programs provide financial assistance to people with disabilities.

SSDI is for people under age 65 with disabilities as defined by the Social Security Administration. Processing an SSDI request can take three to five months.

SSI is another program that provides monthly payments to adults age 65 and older who have a disability. To be eligible, income and resources must be below certain limits.

National Council on Aging (NCOA)

NCOA is a private group and has a free service called BenefitsCheckUp. This service helps people find federal and state benefit programs for which they may be eligible.

Programs can help pay for heating bills, prescription drugs, meal programs, housing, and legal services.

Private financing options for long-term care

In addition to public funds, there are private payment options. The best option depends on many factors such as age, health, personal finances and risk of needing care.

Long term care insurance

Long-term care insurance covers various types of long-term care and benefits, including hospice and palliative care. The exact coverage depends on the type of policy and the services covered.

Many companies sell long term care insurance, so it’s a good idea to shop around and compare policies.

Reverse mortgages for seniors

This is a special type of home loan that allows a homeowner to convert part of the property value of their home into cash. No repayments are required until the borrower sells the home, no longer uses it as a principal residence, or dies.

Life insurance policies for long term care

Some life insurance policies can help pay for long-term care. Some policies offer a product that combines both life insurance and long-term care insurance.

Using annuities to pay for long-term care

Another option is to enter into an annuity contract with an insurance company to help pay for long-term care services. In exchange for a single payment or series of payments, the insurance company will send you a series of regular payments over a specified period (an annuity).


Trusts are the legal entity that allows one person to transfer assets to another person, called the trustee. Once the trust is established, the trustee manages and controls the assets for the person or another beneficiary. Two types of trusts can help pay for long-term care services: charitable remainder trusts and Medicaid disability trusts.

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