Forms of Payment
Medicare
Medicare is the federal health insurance program for:
People who are 65 or older
Certain younger people with disabilities
People with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD)
Medicare Part A (Hospital Insurance)
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
Medicare Part B (Medical Insurance)
Part B covers certain doctors' services, outpatient care, medical supplies, and preventive services.
Medicare Part D (prescription drug coverage)
Helps cover the cost of prescription drugs (including many recommended shots or vaccines).
People who are 65 or older
Certain younger people with disabilities
People with End-Stage Renal Disease (permanent kidney failure requiring dialysis or a transplant, sometimes called ESRD)
Medicare Part A (Hospital Insurance)
Part A covers inpatient hospital stays, care in a skilled nursing facility, hospice care, and some home health care.
Medicare Part B (Medical Insurance)
Part B covers certain doctors' services, outpatient care, medical supplies, and preventive services.
Medicare Part D (prescription drug coverage)
Helps cover the cost of prescription drugs (including many recommended shots or vaccines).
Medicaid
Medicaid is a public insurance program that provides health coverage to low-income families and individuals, including children, parents, pregnant women, seniors, and people with disabilities; it is funded jointly by the federal government and the states. Each state operates its own Medicaid program within federal guidelines. Because the federal guidelines are broad, states have a great deal of flexibility in designing and administering their programs. As a result, Medicaid eligibility and benefits can and often do vary widely from state to state.
Long Term Care Insurance
Designed to cover long-term services and supports, including personal and custodial care in a variety of settings such as your home, a community organization, or other facility.
Long-term care insurance policies reimburse policyholders a daily amount (up to a preselected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
The cost of your long-term care policy is based on:
How old you are when you buy the policy. The maximum amount that a policy will pay per day, The maximum number of days (years) that a policy will pay, The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
Long-term care insurance policies reimburse policyholders a daily amount (up to a preselected limit) for services to assist them with activities of daily living such as bathing, dressing, or eating. You can select a range of care options and benefits that allow you to get the services you need, where you need them.
The cost of your long-term care policy is based on:
How old you are when you buy the policy. The maximum amount that a policy will pay per day, The maximum number of days (years) that a policy will pay, The maximum amount per day times the number of days determines the lifetime maximum amount that the policy will pay.
VA Benefits
The Aid and Attendance benefit is a Pension program offered by the Department of Veterans Affairs to eligible veterans or their surviving spouses. The benefit can provide a significant monthly income to those who need Senior Living, Home Care, and Adult Day Care Services. The purpose of this benefit is to provide some financial assistance when a veteran’s (or surviving spouse’s) health declines and their medical expenses increase. When a person qualifies for this benefit, the VA considers all sources of income and deducts eligible medical expenses. The VA then supplements income to bring it up to income levels as set by congress.
Private Pay
Private pay is a term used to describe when someone pays for Services & Supports, housing, healthcare or activities with their own resources. It is also commonly known as paying “out-of-pocket.” For most Services & Supports that allow or require private pay, personal funds may be used to cover all or a portion of the expense. Individuals may use private pay in addition to insurance or financial assistance programs to cover some of the cost.
