What is the largest payor source for long term care?

Medicaid is the largest payor source for long-term care services. This is because Medicaid is specifically designed to support low-income individuals and families, providing coverage for a range of health services, including long-term care, which can be quite costly. The extensive benefits offered by Medicaid make it a critical resource for those requiring extended care due to disabilities, chronic illnesses, or age-related conditions.

In contrast to Medicaid, Medicare typically covers only short-term rehabilitation or skilled nursing care for limited durations and does not provide long-term care coverage. Private insurance can assist with long-term care, but its use is less widespread compared to Medicaid, and many people may not have it due to affordability issues. Out-of-pocket payments represent individual expenditures that can vary widely but are generally less than the substantial Medicaid funding, making Medicaid the primary financing source for long-term care services.