Oregon Long-Term Care Insurance

Please Note: This information is provided for educational purposes only. The availability of each program is determined by that government agency and the individual’s situation. Please consult directly with your insurance company or the government program.

Aging adults will often require long-term care because they find it difficult to rise from bed, take a bath without assistance and take care of personal hygiene. They require help from others in order to perform these daily tasks throughout the day. Once it becomes apparent that these needs are real and pressing, we face the question: how will we face paying for long term care?

We have summed up and put together a short explanation of some of the resources that people who are confronted with this question use. Since each option carries different consequences, we recommend that you refer yourself to an insurance or financial advisor in addition to referencing the resources described below.

Oregon Long-Term Care Insurance

Many seniors plan ahead and purchase long-term care coverage when it’s affordable. The long-term care insurance policies are more complicated than the everyday types of insurance that most people are used to, such as home, life and car. When looking into long-term care coverage, you'll probably want to be educated in what physical and medical condition a senior must be in before insurance will start to pay for your care.

For more information go to: www.longtermcare.gov

Oregon Reverse Mortgage

An Oregon reverse mortgage is a relatively recent program that some senior citizens over the age of 62 have participated in. This program allows homeowners to convert part of the equity in their homes into tax-free cash without having to sell, give up title, or take on a new monthly mortgage payment. In an Oregon reverse mortgage the payment stream is "reversed." Instead of making monthly payments to a lender, a lender makes payments to the senior allowing them to remain in the home whilst they are still alive, or move into a long-term care facility.

For further information go to: www.reversemortgage.org

Oregon Medicare Helps with Short-Term Care Costs

Medicare is a federal health-insurance program that covers most Americans over the age of 65. It helps pay for short-term medical expenses, such as hospitalization, doctor bills, x-rays, radiation, and a variety of other tests and therapies. A co-payment for a part of the expenses may be required. However, Medicare does not pay for nonmedical, such as long-term care and assistance with daily living activities, apart from in a few cases as explained below:

Hospitalization:

To qualify for Oregon Medicare, one must have spent three nights in the hospital and must enter the nursing home within thirty days for rehabilitative therapy for the same condition for which they were hospitalized. If conditions are met, Medicare fully covers the first twenty days of long-term care and partially covers up to the next 80 days.

Other Considerations:

Oregon Medicare payments will continue as long as a senior is in a skilled rehabilitation program that is producing results, such as improved healing, strength, coordination and flexibility. Once skilled rehabilitation is no longer effective in improving a senior's condition, Medicare will stop paying – even if it's still within 100 days.

Families need to be strong advocates for getting a senior into a senior care facility if the family can't care for them at home.

Oregon Medicaid Helps with Paying for Long-Term Care

If your loved one enters a nursing home or long-term care facility, they may qualify for Oregon Medicaid once their assets have been depleted.

For those over the age of 65, Oregon Medicaid helps pay for nursing home costs once the individual has exhausted all, or almost all, of their own means. Oregon Medicaid generally pays for care in a certified-nursing home. Since regulations vary from state to state, check this government site then select "Medicaid/Medicare" for the rules in your state.

Once a senior qualifies, they will have to pay any remaining monthly income, such as social security or a pension check, to the nursing home. Oregon Medicaid only pays the difference between the senior's remaining income and the nursing home's monthly charge.

Educate yourself further on long-term care coverage by contacting an insurance or financial advisor.