Page 44 - Book12E

The true secret of happiness lies in taking a genuine interest in all the details of daily life.
— William Morris
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state to sell one. It is important to know state-specific laws that may give you additional protection.
Medicaid
Medicaid is the government-funded pro- gram that pays nursing home care only for individuals who are low income and who have spent most of their assets. Medicaid pays for nearly half of all nurs- ing home care on an aggregate basis, but many people who need long-term care
never qualify for Medicaid assistance. Medicaid also pays for some home and community-based services. To get Medicaid help, you must meet federal and state guidelines for income and assets. Many people start paying for nursing home care out of their own funds and “spend down” their income until they are eligible for Medicaid, which would then pay part or all of their nursing home costs. You may have to use up most of your assets on our health care before Medicaid is able to help. Some assets and income can be protected for a spouse who remains at home. In addition, some of your assets may be protected if you have long-term care insurance approved under one of the state programs.
Long-Term Care Insurance
Long-term care insurance is one other way you may pay for long-term care. This type of insurance will pay for some or all of your long-term care. It was introduced in the 1980s as nursing home insurance but has changed significantly since then and now covers much more than nursing home care.
Private insurance companies sell long-term care insurance policies. You can buy an individual policy from an agent or through the mail. Or, you can buy coverage under a group policy through an employer or through membership in an association. The federal government and several state governments offer long-term care insurance coverage to
Protecting What You Have–An Introduction to Long-Term Care