Long-term care refers to the type of personal care services you may need if you become unable to care for yourself because of a loss of functional capacity or cognitive impairment. Long-term care is different from traditional medical care. Traditional medical care treats physical problems directly in an attempt to permanently cure or control them. Looking for life insurance can be tricky.

Long-term care services help you maintain your ability to perform normal daily activities. These services could include personal assistance or custodial care and skilled care provided in your home, an adult day care center, a nursing home, or an assisted living facility. The cost of a nursing home stay could be $70,000 or more per year. Depending on the services you need and the costs in your area, average rates might be $200 a day or more.

The cost of home care is harder to estimate because of the wide range of skilled and personal assistance services it includes. Skilled services such as nursing or physical therapy generally cost more than homemaker or personal care services. Home care services, including skilled services, are normally less expensive than services provided in a nursing facility.

Medicaid pays most long-term care expenses. Medicaid is a state and federal assistance program for eligible individuals with low incomes.

To qualify for Medicaid, you must meet state and federal guidelines for income and assets. Many people pay for long-term care out of their own pockets until they become eligible for Medicaid. To learn more about Medicaid eligibility in your area, call your local Area Agency on Aging or your state’s Health and Human Services Commission office.

Medicare may pay some long-term care costs. Medicare is a federal program that pays for health care for people over age 65 and for people under age 65 with disabilities. It covers the cost of some skilled care in approved nursing homes or in your home in certain situations. Medicare also might cover some custodial care in your home, if you are receiving skilled care.

If you don’t qualify for Medicaid or Medicare, you’ll either have to pay your long-term care expenses out of pocket, with a long-term care insurance policy, or by some alternative means. Life insurance rates have been dropping.

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