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Who pays for long-term care? In 2000, National spending on long-term care was $137 billion. Long-term care is not only for older Americans but also for younger, disabled individuals who require extended care. Of those receiving long-term care services, 40 % are under the age of 65. Financing options have been strained by the needs of these two very distinct populations. Many people have no idea of the costs and who pays for long-term care.
Doesn't Medicare cover long-term care expenses? No, when Medicare was established in 1965, the purpose was to take care of healthcare costs for the elderly and the poor. At that time, there were not as many people living for as many years, nor as many with age-related disabilities. Medicare is now designed and funded to pay normal healthcare expenses and acute care costs for those over 65. Click here for more in depth information about Medicare and Long-Term Care. What long-term care expenses does Medicare pay? Medicare will pay for Skilled Care in a Skilled Nursing Facility. However after 100 days, Medicare will pay nothing for skilled care. There are also deductibles and co-pays that have to be met before you can receive care. To learn more, click 2008 Medicare Deductibles and Co-pays. Does Medicare pay for custodial care? No, Medicare pays for skilled care only. If you need Custodial Care, Medicare will not cover those expenses. Does my Medicare Supplement insurance cover any long-term care cost? Your Medicare Supplement policy will help with deductibles and co-pays for Medicare approved expenses. If Medicare doesn't pay, your Medigap or Medicare Supplement will not be required to supplement. For more information click Medicare Supplement Plans.
Will I have to use my personal assets? Yes, as you can see in the above table many of those receiving care used their own personal assets. Is Medicaid an option? Only if you have "spent down" your assets to poverty levels and would like to have no control over the choice of long-term care services. This is a last resort for paying long-term care expenses. Here are some rules and regulations on how to qualify for Medicaid. What are my options for paying for long-term care? There are basically 3 ways to pay for long-term care...learn more
Senior Care Concepts, 2008 |
