Long-term care services are financed by a patchwork of private dollars, insurance, and public dollars. Some employer health care benefits cover in-home, community, and facility-based long-term care expenses. Other employers offer long-term care insurance to their employees as a benefit they can purchase.

 

Private long-term care insurance is available for purchase, although the older you are the more expensive it becomes. At age 65, the approximate cost for a long-term care insurance policy is $2400/year.

 

Medicare covers 100 days, with a daily $99.00 co-pay starting on day 21. This co-pay may be covered if you have a Medicare supplemental insurance policy.

 

There are limited government programs funded by the Administration on Aging for those over age 60 that provide some in-home services through the Aging network.

 

After all other payment sources have been exhausted Medicaid is the only remaining source of funding for long-term care. To be eligible for Medicaid, your income and assets must be low enough to qualify.

 

Finding a way to pay for long-term care can be a challenge. But it's not impossible. It just requires some careful thinking and planning for the future

 

 

This depends upon the type and amount of care needed. In-home personal care services provided by a health care professional can cost as much as $1,250 per month. If you need 24-hour care, such as in a small group home or adult foster care home, it can cost an average of $2500/month. Twenty-four (24) hour room and board in a nursing home can cost $4,500.00/month with services and supplies costing extra.