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.