For seniors with low income, we highly recommend you to get a combination of basic long term care insurance (LCTI) and self financing. Since a full coverage long term care insurance policy cost a lot of money, it is not suitable for most people. With limited income and savings, it is also not possible to fully rely on self insurance or self financing to pay for all the potential long term care costs.
However, you can combine LTCI and self financing for cheaper cover against stays in nursing homes and assisted living facilities. Firstly, decide the maximum amount of long term care insurance you can pay for. Adjust the policy terms to ensure the best coverage for the cheapest premiums. Next, calculate the remaining difference for LTC costs that must be paid from your own income and assets. If this amount is too high, you will need to adjust the LCTI policy until it covers the amount beyond your own resources can pay for.
Remember that you can apply for Medicaid to pay your long term care medical expenses when your private health insurance and savings are not sufficient. You can qualify for Medicaid financial assistance when your insurance and assets have been depleted. When you have been paying for long term care for 5 or more years, it will be easy to qualify for Medicaid for paying subsequent medical bills.
Some married couples chose to buy LTCI only for the wife since women are more likely to outlive men accordingly to statistics. Thus, wives are more likely to require extended long term care during old age. This is one option for married couples with limited income and assets. For the husband, he can consider self financing to pay for long term care instead. Remember that when you are doing long term care insurance planning with low income, use your limited budget to first cover core medical expenses that are way beyond your affordability. Smaller expenses can be covered via easy to get personal loans.