Health Care

PACE is the abbreviation for Programs of All-Inclusive Care for the Elderly. It is a program that combines both inpatient and outpatient medical and long-term care services.
To be eligible, you must be at least 55 years old, live in the service area of the PACE program, and be certified as eligible for nursing home care by the appropriate state agency.
PACE sites get payments directly from Medicare and Medicaid for services that all eligible enrollees get. PACE sites are only in certain communities.
To find a PACE site, call your local CPA or your state, county, or local medical assistance office.
Do not call a Federal office. Pace locations are also listed under the nursing home section of www.medicare.gov.

Hospital indemnity insurance pays a fixed cash amount for each day you are in a hospital, up to a certain number of days. Some policies may have added benefits such as surgical benefits. Some policies have a maximum payment amount or a limitation with a maximum number of days allowed.

Generally not. Medicare only covers medically necessary care under Hospital Insurance Part A, and medical insurance under Part B. Long-term care is custodial care given at home or in a nursing home for people with chronic disabilities or lengthy illnesses. Private insurance companies sell long-term care insurance policies. For more information on long-term care insurance, speak to your local CPA or get a copy of "A Shopper's Guide to Long-Term Care Insurance" from the National Association of Insurance Commissioners at 120 W. 12th Street, Suite 1100, Kansas City, MO 64105-1925

Medicaid is a joint federal and state program that pays for health care services for those with low incomes or very high medical bills relative to that person's income and assets. Medicaid pays for nearly half of all nursing home care.

Term Life Insurance covers a person for a period of one or more years. It pays a death benefit only if you die during that term. Generally, it does not build a cash value.

Whole life insurance policies build cash value and covesr a person for as long as he or she lives, as long as premiums continue to be paid.

Inflation Protection is an insurance policy option that provides for increases in benefit levels to help pay for expected increases in the costs of long-term care services.

Accelerated Death Benefit is a feature of a life insurance policy that lets you use some of the policy's death benefit proceeds prior to death.

The Cash Surrender Value is the amount of money you may be entitled to receive from the insurance company when you terminate the life insurance or annuity policy. The amount of cash value will be determined as stated in the policy.