Senior Care Reimbursement Overview

by Gilbert Guide

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Planning for long-term care is complicated. Each person's needs are unique; therefore, the cost of long-term care varies greatly. Some social and physical assistance is available for free or at a low cost, while very expensive nursing home or home health services can cost upwards of $200 per day. There are many different ways to finance long-term care. You will probably need to use a combination of payment sources, which may include Medicare, Medicaid, long-term care insurance and other programs, in addition to your own resources.

It is essential to consult a professional such as an elder law attorney, financial planner or an accountant when planning for long-term care; this person should be well versed in estate planning, public programs like Medicaid, and the issues and needs of older persons. These long-term care professionals often work as a team. Gilbert Guide recommends getting a second opinion before making any final decision on financial matters. Check out our Learning Centers and Expert Columns where our long-term care experts point you in the right direction—raising awareness of the issues you need to know about when planning for your future.

Here are many of the options available to reimburse for senior care: (Click on the links below to see what else is covered outside of long-term care.)

Medicare, which for long-term care, covers some skilled nursing care either in a nursing home or in the home along with hospice care.
Medicaid, the partially federally funded, but state-operated program provides medical care for certain low-income individuals and families who have limited resources. Medicaid usually covers nursing home care, but in some states funding is available for assisted living, homecare or home health care.
Medigap, which are policies available to Medicare A & B enrollees who are not Medicaid recipients can sign up for and covers some nursing home care.
Managed Care (HMO) provide enhanced services for nursing home care above Medicare's basic offering along with additional medical assistance outside of long-term care.
Long-term Care Insurance (LTCI) can cover anything from non-medical homecare to nursing care; however, it depends on the type of policy you purchased.
Veterans Benefits will cover adult day health care, home health care, respite care and hospice care.