Many people have the misunderstanding that Medicare, Medicare Supplements, or health insurance will cover long term care. Medicare is a federal health insurance program for people 65 and over and certain disabled people under 65. It does not provide a comprehensive long term care component and generally does not cover assisted living costs but may pay for short term services (e.g. physical and other therapies) contracted through a home health care agency and provided to the resident at the assisted living facility. Medicare covers only those skilled nursing facility services rendered to help a beneficiary recover from an acute illness or injury.
Nursing facility coverage, under Part A of Medicare and is very limited. If certain conditions are met.
What are your other options? Your own savings, Medicaid, or Long Term Care Insurance coverage. Without knowing specifically the amount of time you or your family member will need long term care, savings accounts fall short, the Medicaid system is burdened and offers little flexibility in choice of care. Therefore, we recommend that Long Term Care Insurance be evaluated as a possible option before the need arises. Individuals in their 50’s and 60’s, pre-retirement should investigate this alternative. Although there are premium payments, the cost may be a minimal price to pay to protect your other assets.
We also recommend a consultation with an elder law attorney for estate & wealth planning advice for your personal situation.
Are you concerned about the financing of long term care or what exactly your current policies/situations allow? if so we cover Sarasota, Bradenton, Longboat Key, Venice and surrounding areas so please contact us to put your mind at rest.
Tags: bradenton, finance, long term care, longboat key, medicaid, medicare, sarasota, venice
