Paying for Long-Term Care

Paying for Long-Term Care

Paying for Long-Term Care

The average cost of nursing home care in Ohio is over $85,000.  Presently, more than 10,000 baby boomers turning 65 each day and the demand and cost for skilled nursing home care will only continue to increase. 

Who Pays for Long-Term Care?

The most common ways to pay for long-term care:

  • Private Pay out-of-pocket – offers the most control and freedom, however, it can deplete assets very quickly.
  • Reverse Mortgage – use the equity in your home to pay for long-term care
  • Relying on Children and Family – may cause strain on loved ones
  • VA Benefits – veterans and spouses of veterans are eligible for benefits based on financial need
  • Long Term Care Insurance – can be expensive, but cheaper the younger and healthier you are
  • Life Insurance with a Long-term Care rider – additional cost for the rider, receive partial death benefit early to pay for long-term care
  • Ohio Medicaid Assistance – depends on financial need but pays for a significant portion of costs. By far the largest payor of long-term care costs nationally

Does Medicare Pay for Long-Term Care?

Not for long.  Medicare was established in 1965 to assist with short-term illnesses and accidents.  Medicare will pay for primary care services (hospital stay) and rehabilitative services but will only pay a portion of skilled nursing care received in a nursing home, up to 100 days total.  Medicare is designed to get a person well enough to return home without additional services.  As a result, Medicare is ill-equipped to deal with chronic and progressive diseases needing skilled care such as Parkinson’s, Alzheimer’s, Stroke and Chronic Arthritis, to name a few.

Does Ohio Medicaid Pay for Long-term Care?

Yes, so long as you qualify. Medicaid is a joint federal and state program that pays for long-term care expenses and is the largest payor of long-term care services nationally. In order to qualify, you must meet certain Medicaid income and asset restrictions. Because of these restrictions, it is necessary to plan ahead.

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Medicaid Home Care

Traditionally, Medicaid has paid for long-term care in a nursing home, but because most individuals would rather be cared for at home and home care is cheaper, all 50 states now have Medicaid programs that offer at least some home care.