Question

Mee Noi has just entered a nursing home and is faced with paying $90,000 a year for care. The first 80% of these costs will come from her long-term care insurance. The remaining 20% will likely come from

a) Government assistance programs.
b) Personal savings.
c) Family support.
d) Social Security benefits.

Answer 1

The remaining cost of Mee Noi's nursing home care after insurance coverage might be paid through government programs like Medicaid, personal savings, family support, or indirectly through Social Security benefits.

Step-by-step explanation:

The remaining 20% of Mee Noi's nursing home care costs, that are not covered by her long-term care insurance, could potentially come from a variety of sources. These may include government assistance programs, such as Medicaid, which typically covers nursing home care for those who qualify. Another possible source is her personal savings, if she has set aside funds for such expenses. Additionally, family support may be an option, where relatives contribute to the care costs. Lastly, while Social Security benefits are typically used for an individual's living expenses, they are not directly used to pay for nursing home care but may indirectly support her by covering other costs, allowing her to allocate more of her other resources towards nursing home care.