Five Ways to Pay for Long Term Care
Medicare is the US government’s medical insurance program for the retired.
If individuals’ income and assets meet the Medicaid guidelines in their state, the cost of care in a skilled nursing facility may be covered.
The U.S. government currently offers some long-term care benefits to veterans under the Veterans’ Health Care Eligibility Reform Act of 1996.
Personal assets and income can be used to pay for care. But as costs continue to increase, retirement funds and other assets that were designated for income may need to cover the cost of care.
Individuals can purchase an insurance product or supplemental agreement to help cover the expenses associated with needing care.
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