If assets were improperly transferred, Medicaid will not cover your nursing-home expenses for a period of time determined by your state. If you do go this route, you still need to pay for care until Medicaid kicks in. And some nursing homes won't reserve a space unless you pay up front. These policies cover a range of services, from home care to assisted-living facilities and nursing homes. But don't delay.
Premiums rise sharply with age.
As with all insurance, group rates are lower. By 2002 it's likely that federal employees, members of the military and their families will be able to purchase this coverage as part of their benefits package. If you live in California, Connecticut, Indiana or New York and buy coverage through the Partnership for Long-Term Care, the state guarantees that if you outlive your coverage, you'll be able to retain assets at least equivalent to the amount of insurance you bought and still qualify for Medicaid. Time Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.