If you think Medicare covers your long-term care, you’ve been mistaken.
Medicare does not cover your long-term nursing care or 24/7 in-home services, nor does it pay for your custodial care which includes your daily activities such as eating, bathing, and dressing.
It’s a common myth that Medicare will cover your long-term care. According to Forbes, 56% of baby boomers believe that Medicare will pay for their long-term care. But this is not the case.
Long-term care costs are expensive and Medicare can not fulfill your long-term expenses. As you age, you might still need Medicare for hospital care, doctor care services, and medical supplies.
Luckily, Medicare will pay for your short-term skilled nursing facilities. Most of them start paying for nursing care out-of-pocket.
Read more about it at this link on Medicare.gov.
Are you an educator wondering if you need long-term care insurance? Read our blog about it HERE.
If Medicare won’t cover your long-term care, can you afford it without help?
Here are different ways you can pay for long-term care:
Qualify For Medicaid:
Medicaid is a joint federal and state program for people with low-income. The program helps with medical costs and health expenses. Medicaid covers 1 in 5 Americans, and helps with costly care bills. Medicaid is a program with funds for long-term care, but it may not cover all your care needs down the line.
Many people pay for their long-term care expenses either out-of-pocket or with insurance.
Without insurance, long-term care expenses will gradually lead to spending down your assets. The qualification for Medicaid and Medicare is determined by the level of low income or limited income. If you don’t fit the criteria, you may be unable to qualify for assistance.
Use Personal Resources:
Personal Resources include personal funds, savings, and investment income from stocks. These types of funds can be set aside safely for as long as needed, and can be accessed or withdrawn easily in case of emergency.
Purchase Long Term Care Insurance:
Long-term care insurance provides more flexibility and options than Medicare. Long-term care policies may include coverage of services like assisted living, adult day care, medical equipment, and other informal care.
Consult or call National Educational Services and we can provide you with the policy that best fits your specific needs.
Request a FREE Long Term Care Insurance Quote from National Educational Services
Purchase Long-Term Care Insurance to give yourself and your family peace of mind.
We will help you have a policy ready, just in case an unexpected health emergency arises.
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