Other Sources of Long-Term Health Insurance Coverage

Part 4, Chapter 14: Specialized Situations: Coverage for Long-Term Care Page 9

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Other Sources of Coverage

Although long-term care insurance policies offer important benefits for many individuals, they represent only one way to provide for long-term care. Other possible sources of benefits for long-term care include state and local government-sponsored programs, community agencies, veterans' benefit programs, Medicaid, reverse mortgages, and home equity loans.

For example, there are government-sponsored residences or apartment houses in some communities that may offer specially designed apartments as well as some basic support services for senior citizens. In some cases, rent for such apartments may be partially subsidized by the government. Be cause of the variety of programs available and the vast differences between those programs, it's important to review a number of assisted living facilities, retirement communities, and government-sponsored apartments or residences before making a decision. (See Appendix B for a list of booklets on this topic.)

If you have a sufficient amount of money in reserve, it may also be possible to provide for home health care or for care at a private assisted living facility without the need for insurance coverage and without the need to rely on government-sponsored programs. If you own your own house, and have sufficient equity, you may also be able to provide for long-term care in an assisted living facility or a nursing home by selling your house.

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