Medicaid and long term care coverage
Medicaid is the government-funded program that pays nursing home care only for individuals who are low income and who have spent most of their assets.
What does Medicaid cover?
Medicaid pays for nearly half of all nursing home care on an aggregate basis, but many people who need long term care never qualify for Medicaid assistance. Medicaid also pays for nursing home care out of their own funds and "spend down" their income until they are eligible for Medicaid.
Covering the gap
Medicaid may not be an appropriate solution for you. Long term care insurance can provide more choices and gives you the flexibility to meet your long term care needs. See how Genworth can provide a comprehensive long term care insurance policy.