You may find yourself wondering about long-term nursing care, and if you haven’t, now may be the time to consider what that means for the future. If you are currently 65 years old, you have a 70 percent chance of needing some type of long-term nursing care in your lifetime. Around 20 percent of you will stay in a nursing home for more than five years. Unfortunately, a nursing home can be extremely expensive, costing thousands of dollars per month. You may think that Medicare will cover the cost, but that is a misconception. Medicare will only cover short-term rehabilitative stays for specific reasons. Otherwise, you are responsible for the bill. There are ways to plan for this expense, such as…
Long Term Care Insurance
If you have been planning ahead, you may have bought long-term care insurance during your fifties or early sixties. This important step in retirement planning can help you cover the cost of long-term care in the future. Depending on your policy, you may be able to select from a variety of facilities or even receive in-home care.
Medicaid Can Help
Medicaid can help those with lower incomes and fewer resources cover the cost of a nursing home. This healthcare program is run jointly by the federal government and individual states, however, not everyone will qualify. If you don’t initially qualify for Medicaid, you can reapply if you think your financial status might have changed, or work with an estate planning attorney to learn about the asset rules. Medicare does not cover the cost of a nursing home.
Those who have enough resources saved for retirement or who receive a generous Social Security benefit may be able to pay for nursing home care themselves. If you would like to find out more about how you can cover the cost of a nursing home, contact a licensed insurance agent who can help you understand what your Medicare policy offers.
Contact Medicare Insurance Techs
Contact Medicare Insurance Techs to help with your insurance needs. We can find you the answers and put together that Medicaid puzzle for you!