How Do You Pay For Long Term Care?

Generally, there are four ways to pay for Long Term Care expenses:

• Personal Assets
• Medicaid
• Medicare
• Long Term Care Insurance

Personal Assets
Today, personal assets account for 51% of all Long Term Care expenditures. This could be through savings accounts, investments, or the sale of personal property, such as your home. Once your personal assets are depleted you are forced to rely on Medicaid.

Medicaid
Today, Medicaid accounts for 41% of all Long Term Care expenditures. In order to qualify for Medicaid you have to be at a specific level of poverty. Your family's personal assets must be gone in order to qualify for the government's healthcare welfare program, Medicaid, to be of assistance. Medicaid assistance should be considered as a last resort. Unfortunately, Medicaid continues to exhibit a strong bias toward institutional services.

Medicare
Today, Medicare accounts for 8% fo all Long Term Care expenditures. Medicare is a program that pays limited health care costs for people who are over 65 years old or who are disabled. Many people mistakenly believe Medicare will pay for their Long Term Care. In fact, Medicare covers few Long Term Care services for a very short period of time, full coverage for only 20 days and only for skilled care.

Long Term Care Insurance
Long Term Care Insurance is a product specifically designed to pay for Long Term Care should the need arise. Unum's Long Term Care Insurance allows you to maintain choice and control over your life.

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