Who Pays for Long Term Care?
Over the years, it looked like
federal and state governments would address the growing need for Long Term Care
Insurance. However, in recent years the government has taken a new approach.
Rather than fund these programs, the government is using tax incentives to
encourage people to provide for their own LTC protection.
Today, the government does
provide Long Term Care, but in a very limited way and with very stringent
requirements. Medicaid or Public Aid can pay for nursing home and home care.
However, in order to qualify, you must already be poor, or you must literally
impoverish yourself to the minimum requirements.
Assisted Living Facility Care
is rapidly emerging as an alternative to nursing home care for many people. It
is almost entirely funded by the consumer.
