This is a brief overview of payment options for care.
This is a health insurance program for people age 65 and older and people under age 65 with certain disabilities and end-stage renal disease. Medicare does not pay for long-term care, only short-term care for rehabilitation and recovery in a nursing home.
Current income from Social Security, private pensions and savings can pay for care services in your home or a senior care community.
You may purchase long-term care insurance that does provide payment for care services in a senior's home or nursing facility. Long-term care insurance can be purchased at any age, with pricing connected to your age and health. Individuals with certain medical conditions will be denied coverage at the time of application.
If you own your home, you may qualify for a reverse mortgage where you will receive a monthly payment, which you may use for care services. If your home has significantly increased in value, this may be an option. Reverse mortgages are highly regulated by government agencies and always include an end date. Consult with an attorney.
Military veterans who served during times of a war and their spouses will qualify for the Veteran's Aid & Attendance benefit, which will provide funding for a private caregiver to assist with care needs in the home or toward residency at an assisted-living facility.
Low-income seniors with few assets (usually around $2,000) qualify for Medicaid insurance. This program is administered by New York State, which stipulates eligibility.