Accounts, Billing, and Insurance
For your convenience, we provide information about the billing process at the CCCC, services we bill for and options for paying your bill.
Around the first of each month, residents receive a Statement of Care Charges for the coming month. All questions about the statement can be directed to the LVMC Billing Office at 805-737-3322. All CCC bills are managed by the LVMC Billing Office.
Online bill pay is available through our bill pay portal at https://lompocvmc.com/payment. Make sure you have your bill handy as you will need to provide the account number.
Payments are considered late if received after the 10th of the month.
Medicare and Insurance
Skilled Nursing, Post-Acute Care
For Short-stay Skilled Nursing Facility Medicare services, Medicare covers 100 days per benefit period. Medicare-covered services include a semi-private room, meals, routine nursing care, rehabilitation therapies and services, medications furnished by the facility, medical supplies, and use of equipment. The first 20 days are paid at 100% by Medicare. From the 21st to the 100th day, the beneficiary is billed a co-pay of $167.50 per day.
Many people believe that the medical insurance they currently have will pay for all or much of their long-term care. In general, health insurance covers only minimal and specific types of long-term care, and disability policies don’t cover any at all. Continue Reading...
The rate for private pay residents is $430 per day. Payment received and posted prior to the first of the month will receive a $44 per day discount.
If you do not have enough income and savings to pay for long-term care services on your own, from your incomes, savings, and possibly the equity in your home. Below we will explore a few of the growing number of ways you can pay privately. These methods include:
A reverse mortgage is a special type of home equity loan that allows you to receive cash against the value of your home without selling it.
For most reverse mortgages:
- You can choose to receive a lump-sum payment, a monthly payment, or a line of credit
- There are no restrictions on how you use the remainder of the money
- You continue to live in the home and you retain title and ownership of it
- You are also still responsible for taxes, hazard insurance, and home repairs
- However, you do not have to repay the loan as long as you continue to live in the home.
- Instead, the amount you owe, based on loan payouts and interest on the loan, becomes due when you or the last borrower, usually the last remaining spouse, dies, sells, or permanently moves out of the home
To qualify for a reverse mortgage:
- You must be age 62 and older
- Unlike a traditional mortgage, you do not have to provide an income or credit history to get the loan
- The home must be your primary residence
How to apply: You must meet with an approved reverse mortgage counselor before you can start the loan process. These counselors can help you decide whether a reverse mortgage is right for you.
- You must use the funds you receive to pay off any existing mortgages or other debt against your home and to make required home repairs
- As long as you spend the payments you receive in the month that you receive them, the money is not taxable and does not count towards income or affect Social Security or Medicare benefits
- Does not count as income for Medicaid eligibility
- Once you have a reverse mortgage, it is very difficult to borrow any more against your home. But you can refinance a reverse mortgage if the house increases significantly in value.
- If your heirs want to keep your home, they can repay the reverse mortgage. They can also keep the difference if the home’s sale price is greater than the reverse mortgage loan balance when they repay the loan.
You may choose to enter into an annuity contract with an insurance company to help pay for long-term care services. In exchange for a single payment or a series of payments, the insurance company will send you an annuity, which is a series of regular payments over a specified and defined period of time. There are two types of annuities:
If you have an immediate long-term care annuity, the insurance company will send you a specified monthly income in return for a single premium payment.
This option is available regardless of your current health status. If you do not qualify for long-term care insurance because of age or poor health or if you are already receiving long-term care, you can still purchase an annuity.
The insurance company converts your single premium payment into a guaranteed monthly income stream for a specified period of time or for the rest of your life. How much you receive in income each month depends on the amount of your initial premium, your age, and gender. Since women tend to live longer than men, women generally receive a smaller monthly payment over a longer period of time than do men of the same age.
Key things to consider before purchasing an annuity:
- The annuity amount you receive may not be enough to pay for your long-term care expenses.
- Inflation may reduce the value of the monthly income you receive from the annuity.
- The effect that annuities can have on your taxes is complicated. Consult your tax professional before purchasing one.
Deferred Long-term Care Annuity
These plans are available to people up to age 85. Similar to other annuities, in exchange for a single premium payment, you receive a stream of monthly income for a specified period of time.
The annuity creates two funds: one for long-term care expenses and another separate fund that you can use however you desire.
,You can access the long-term care fund immediately, but you must wait until a specified day in the future to access the separate cash portion. The rules of the annuity define how much you can access on a monthly basis from the long-term care fund and how much you can access on an annual basis from the cash fund. To qualify for a deferred long-term care annuity, you must satisfy some health criteria.
Key things to consider before purchasing a deferred long-term care annuity:
- If you do not use the long-term care fund, you can pass it onto your heirs
- The annuity may not be enough to pay for your long-term care expenses
- The long-term care portion of the annuity may satisfy the requirements for a tax-qualified long-term care policy.
- The effect that annuities can have on your taxes is complicated. Consult your tax professional before purchasing one
- An annuity can affect your eligibility for Medicaid, and whether Medicaid will pay for your long-term care services. See the section on “Annuities” in the “Medicaid Eligibility” section for more information.
A trust is a legal entity that allows a person (the trustor) to transfer assets to another person (the trustee). Once the trustor establishes the trust, the trustee manages and controls the assets for the trustor or for another beneficiary.
You may choose to use a trust to provide flexible control of assets for the benefit of minor children. Another common use of a trust is to provide flexible control of assets for an older adult or a person with a disability, which could include yourself or your spouse. Two types of trusts can help pay for long-term care services:
- Charitable Remainder Trusts
- MedicaidDisability Trusts
Charitable Remainder Trusts
This trust allows you to use your own assets to pay for long-term care services while contributing to a charity of your choice and reducing your tax burden at the same time. You can set up the trust so that you receive payments from the trust to use for long-term care services while you are alive.
When you die, the balance of the funds in the trust goes to the charity that you selected. Since you are making a charitable donation, you can receive tax deductions for the fair market value of the assets that go to your chosen charity.
Key things to consider before setting up a charitable remainder trust:
- The amount of money available to you to use for long-term care services is based on the amount of your donation. These payments are only likely to be large enough to help pay for long-term care expenses if you donate a substantial amount of money to the charity
- The donation may affect your Medicaid eligibility
Medicaid Disability Trusts
These trusts are limited to persons with disabilities who are younger than age 65 and qualify for public benefits. Parents, grandparents, or legal guardians often set up these trusts to benefit persons with disabilities and a non-profit organization manages the assets. This is the only kind of trust that is exempt from rules regarding trusts and Medicaid eligibility.
Key things to consider before setting up a Medicaid Disability Trust:
- If a beneficiary with a disability receives Medicaid benefits, the state can recover any amount remaining in the Medicaid Disability Trust when he or she dies
- The tax implications for Medical Disability Trusts are complicated. Consult a tax professional before establishing a Medicaid Disability Trust