Paying for residential care

Understand financials in senior care

Private pay 

Costs are covered out-of-pocket.

Long term care insurance

An insurance policy designed to offer financial support to pay for long-term care services.

Medicaid conversion

A community which allows switching from private pay to Medicaid after an agreed-upon period, usually three years 


Medicare

Federal health care insurance provided to those 65 and older and does not require resource or income analysis.

Medicaid

Federal program, administered through the states,  providing long term care for those with limited financial means.

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