Insurance Accepted

Medicare is federal health insurance for people 65 or older and some people under 65 with certain disabilities or conditions. A federal agency called the Centers for Medicare & Medicaid Services runs Medicare. Because it’s a federal program, Medicare has set standards for costs and coverage. This means a person’s Medicare coverage will be the same no matter what state they live in. Medicare-related bills are paid from two trust funds held by the U.S. Treasury. Different sources (including payroll taxes and funds that Congress authorizes) fund the trust funds. People with Medicare pay part of the costs through things like monthly premiums for medical and drug coverage, deductibles, and coinsurance.

For more information, visit Medicare.gov.

Medicaid is a joint federal and state program that helps cover medical costs for some people with limited income and resources. The federal government has general rules that all state Medicaid programs must follow, but each state runs its own program. This means eligibility requirements and benefits can vary from state to state. Medicaid offers benefits that Medicare doesn’t normally cover, like nursing home care and personal care services. People with Medicaid usually don’t pay anything for covered medical expenses but may owe a small co-payment for some items or services.

For more information, visit Medicaid.gov.

Long-term care (LTC) insurance provides coverage for nursing home care, home health care, and adult daycare for individuals who need help with daily activities due to chronic illness or disability, offering more flexibility than public assistance programs like Medicaid.

What It Is: Where it can be used:

LTC insurance can cover care in a variety of settings, including nursing homes, assisted living facilities, and in-home care.

• Flexibility: LTC insurance offers more flexibility and options than many public assistance programs, such as Medicaid.
• Coverage: LTC insurance helps cover the costs of long-term care services, which include assistance with activities of daily living (ADLs) like bathing, dressing, eating, and using the bathroom.
• Who needs it: People who have a chronic illness or disability or who are 65 or older anticipate needing long-term care services.

Key Features: Private Insurance:

LTC insurance is a type of private insurance that individuals can purchase to help cover the costs of long-term care.

Benefit Options

LTC policies offer various benefit options, including:

• Daily or monthly benefit: The amount the policy will pay per day or month for covered care.
• Benefit period: The length of time the policy will pay benefits.
• Inflation protection: Options to increase benefits over time to keep pace with rising costs.
• Elimination period: The period of time the insured must wait before benefits begin.

Cost:

The cost of LTC insurance can vary significantly depending on factors like age, health, and the specific coverage provided.

Private pay refers to paying for services or goods directly out-of-pocket, without relying on insurance or government programs, often used in healthcare, home care, and other service sectors.

Here’s a more detailed explanation:

Examples of Private Pay Resources:

Personal income and savings

• Family and friend support
• Long-term care insurance
• Reverse mortgages

Definition:

Private pay means individuals or families directly cover the costs of services using their own resources, such as savings, investments, or income, rather than relying on insurance or government funding.

Common Usage:

• Healthcare: Private pay can be used for healthcare services, including therapy, consultations, and treatments.
• Other Services: It can also apply to other services like assisted living, nursing home care, or activities.
• Home Care: Private pay is a common way to pay for home care services, including personal care, companionship, and assistance with daily activities.