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How Is Institutionally Based Long-Term Care Financed? How Can Individuals

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Essay

How is institutionally based long-term care financed? How can individuals qualify for Medicaid coverage of nursing homes costs?

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Definitions:

Present Value

The present-day value of a future amount of money or series of payments, calculated using a particular return rate.

Renewable Natural Resources

Natural resources that can be replenished naturally over time, such as sunlight, wind, and biomass.

Exhausted

in an economic context, often relates to resources or options that have been fully utilized or depleted.

Property Rights

The theoretical and legal ownership rights over resources including the right to use, sell, and lease.

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