Paying for Long Term Care

Long-term Care is now a nursing home industry profession intended for people with chronic illness that either lasts for a long duration or permanent. It generally includes services like applying physical therapies, administering of injections, monitoring vital signs such as blood pressure, heartbeat, and blood sugar, dressing and cleaning wounds, and diagnosing of medical problems. Statistics from World Health Organization shows that out of the 36 million people who died from chronic disease in 2008, nine million were under 60 and ninety per cent of these premature deaths occurred in low- and middle-income countries.

Cost of Care in United States

With the vision to help Americans plan appropriately for the potential cost of long-term care, Genworth, a leading financial security company, released its 2012 Cost of Care Survey. This was conducted by CareScout® and covered nearly 15,300 long-term care providers, across all 50 states and the District of Columbia, in 437 regions across United States. For a home-based service, the average cost is $19 dollars which increases by one percent every five years. Availing of an Adult Day Health care which is community-based costs you $15 up to $165. The cost of care in a Skilled Nursing Facility (SNF) can be paid either daily or monthly. The former starts at $100 while the latter at $625.


Medicare is the leading payment option for seniors facing long-term care needs and situations. Medicare will cover a vast majority of the care needs, care plans and services offered to seniors in long-term care situations. The drawback for many seniors is that Medicare may not cover the overflow of financial need for options like home health care. However, there are assisted living communities that offer on-going care and work in conjunction with Medicare to give seniors a full range of health care options for their long-term illness.

Health Insurance Coverage

Insurance coverage is a primary options for individuals who are facing long-term care issues but are not old enough to receive Medicare. Most health insurance policies have some kind of coverage, possibly add-on coverage, that will handle the majority of long-term care plan issues. There are certain restrictions including pre-existing condition clauses that may prohibit someone from receiving the full benefits of coverage that are available. These clauses vary depending on the insurance provider.

Financial Planning

Financial planning is the method that individuals who do not want or cannot afford insurance may use as a method to pay for unexpected long-term care prior to Medicare benefits being applied. Financial planning can take on many forms including stocks, bonds, financial portfolios and simple savings accounts. Health Savings Accounts, HSA, are also considered a part of the financial planning options offered to those facing long-term care needs.

Private Loan Options

A financial options available for individuals facing long-term care or unexpected long-terms are needs are private loans. Though this option may not be available to most people it may offer others the financial breathing room they need to cover care plan costs and adjustments.


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