PACE stands for Program of All-Inclusive Care for the Elderly. It is a comprehensive program that provides medical and social services to frail, community-dwelling elderly individuals, most of whom are dually eligible for Medicare and Medicaid benefits. PACE offers a wide range of services, including preventive, primary, acute, and long-term care services, with the goal of enabling participants to remain in the community rather than receive care in a nursing home.
In addition to the care for the elderly, PACE can also refer to Property Assessed Clean Energy (PACE) financing. This is a form of financing that allows property owners to pay for upgrades that increase energy efficiency, harness renewable energy, conserve water, and protect against storms. PACE financing is not a loan, but rather provides upfront money for energy-efficient improvements that is repaid over time with a low interest rate. It uses the property as collateral and is repaid through property taxes, making it a property assessment instead of a loan. PACE financing is made possible by state legislation and approved by local governments, and eligibility is based on factors such as the amount of equity in the home and mortgage payment history.
In summary, PACE can refer to the Program of All-Inclusive Care for the Elderly, which provides comprehensive care for elderly individuals, or Property Assessed Clean Energy financing, which allows property owners to finance energy-efficient upgrades for their properties.
