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Contributed by mm | September 11, 2006 5:12 AM PST
If you are above the poverty line, expect to pay most of your long-term care bills.
From Consumer Law:
The answer is simple: it comes from your cash and your assets, your family's assets and for those without assets it is paid by Medicaid programs administered by state government. More than half of nursing home bills are paid out-of-pocket by individuals and their families, and somewhat less than half are paid by state Medicaid programs. Insurance, and that includes Medicare, Medicare supplemental coverage and health insurance provided by employers, does not pay for most long-term care expenses.
Only in certain cases will Medicare cover the cost of some skilled nursing care in approved nursing homes or in your home, but there is no coverage for custodial or intermediate care or prolonged home health care.
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Should I Buy Long-Term Care Insurance (September 11, 2006)
In short, long-term care insurance is not for everyone. You should carefully evaluate your risk and objectives before you pull the trigger.
Defining Long Term Care (September 11, 2006)
The term "long term care" may have been used broadly, but here are some common specific kinds of care included in most policies.
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