The cost of long term care is high and on the rise, however, there may be benefits you are entitled to.  Exploring the benefits available through private and government insurance programs is worth while.  As seniors age and require more medical services, the cost of that care becomes more expensive.

 Medicare is available to U.S citizens and qualified immigrants who are 65 and older and receive Social Security benefits, or who are under 65, are disabled, or suffer from kidney failure and have been receiving Social Security Disability (SSD) for at least two years. Medicare will pay in full for short term rehabilitation and other sub-acute care services for up to 20 days in a nursing home.  Payment for short term rehabilitation may be extended for up to 100 days, with a portion paid for by the recipient, as long as they can participate in therapy and benefit from additional therapy.  If living at home, Medicare will pay for skilled nursing services and health attendant services on a limited basis.  Many people assume that Medicare will pay for the cost of most  long-term care services when in fact it covers very little long term health care or nursing home care.

Medicaid is a government program that covers the cost of all health care services for most people who meet Medicaid's income and asset resource allowance.  Medicaid does not generally pay the residential cost in assisted living or other supported housing programs.

The financial requirements for home health care, "community Medicaid" differs from those for nursing home care "institutional Medicaid".  Community Medicaid only requires applicants to submit a months worth of financial information but does not take into account the cost of rent, food and other community living and housing needs.  Institutional Medicaid requires financial documentation for the preceding five years, and may penalize the transfer of money or other assets within the review period. Institutional Medicaid will cover almost all costs associated with nursing home care.  Also, it allows for more savings and monthly spending for a spouse who may remain in the community.   

Private Insurance usually covers short term rehabilitation or sub acute care in a nursing home after a hospitalization.  Many policies also cover some home base rehabilitation services. 

Click here to view 2008 Medicare and Medicaid resource and income limit