How to Pay for Long Term Health Care

To understand the 5 Secrets to Obtaining Medicaid Benefits in New York State, you must first understand the answer to the question…. Why would I ever need Medicaid?

There are only 3 ways to pay for Long Term Health Care.

1. Private pay: Reach into your pocket every month and pull out the $12,000 plus nursing home fee.  If you are fortunate enough to afford such a luxury, you probably do not need to think about Medicaid planning.
2. Long Term Health Care Insurance: You can privately insure yourself against having to pay the full cost of nursing home fees.

However, the premiums for such policies tend to be significant and you must be in good health, in other words, insurable.  Long Term Health Insurance is an excellent option for the small amount of you who fall into this category.

1. Medicaid: Medicaid is a Federal program that will pay for most of your Long Term Health Care needs.  Medicaid is the single largest payer of Long Term Health Care in the country.

Chances are, Medicaid is the right choice for you.  However, you need to know the rules of Medicaid to successfully have them pay for your Long Term Health Care needs.  Those rules can be maddening to understand, so we thought it would be an excellent idea to try and simplify them for you.  Look for my Next Blog “The Rules of Medicaid” for the answers.