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The deductible is a period of time at the beginning of a nursing home stay when the insured is required to pay for the cost of Long-Term Care before the policy begins to pay. This period, called the elimination period, varies. It can be from zero days to a year, with 30, 60 and 90 days being the most common. In most cases you will be able to choose the length of the elimination period. The longer the period you choose, the less expensive the policy will be. In selecting the deductible, or elimination period, keep in mind how much expense you can afford before the policy begins to pay. For example, if the cost of a day in a nursing home is $166, a 90-day elimination period means that you will pay a $14,940 (90 days x $166 per day) deductible before the policy pays anything.

Supplemental Security Income (SSI). A program providing cash benefits to certain very low income disabled and elderly individuals. When you qualify for SSI, you generally also qualify for Medicaid. In addition, Medicaid coverage often continues for a limited time if your income increases so that you no longer qualify for SSI.