Government benefits

Many seniors think that paying for long-term care can be covered through Medicare. Unfortunately, this is often one of the biggest misconceptions on the matter.

Even though Medicare covers some nursing and home care, it’s only for rehabilitation purposes and not classified as long-term. If you happen to be a veteran, a pension with aid and attendance is available.

The amounts depend on if you’re: single, married, or a surviving spouse of a veteran. Also, certain conditions need to be met, including a doctor’s evaluation and proof of service, to receive this benefit.

Aging adults can also seek their state-run Medicaid program to cover long-term care costs. But qualifying for Medicaid isn’t easy since it’s based on federal poverty guidelines.

If you’re single, depending on the state you live in, the income limit is about $2,000 per month, and your assets, excluding the value of your house and car, can’t exceed approximately $2,000. Married couples can have assets as high as $120,900.

We recommend using an attorney with experience in this field if you decide to pursue this route. We must warn you, though. Planning for long-term care through government benefits can be tough, especially for couples.