Long-term Care Payment Options

As the population ages, many of us will be faced with the prospect of moving either ourselves or a loved one into a long-term care setting (nursing home, assisted living facility or elder group home). Whether the decision comes up suddenly following a hospitalization or gradually as care needs evolve, the question of how to pay for long-term care is certain to arise. Some people mistakenly believe that Medicare will pay for their long-term care stay, but while Medicare will pay for hospital costs and skilled nursing facility stays, it does not pay for long-term care. Rather, possible payment options for long-term care include private pay, Medicaid or long-term care insurance or veterans benefits.