In America, 70% of people 65 and older will need some kind of long term care. Unfortunately, long term costs are through the roof. Many people believe that government programs will cover most of their long term debt, but that is not the case. Medicare and Medicaid can both help with the cost of long term care.
Medicare will only cover a nursing home visit for people 65 and older during certain circumstances and for a short period of time. Long term care with Medicare works like this:
- You need to have been admitted to a hospital for at least three days.
- Get sent to a Medicare-certified “skilled care facility” under a doctor’s order.
- There must be an expectation that you will recover from the condition.
- Medicare will stop paying if it looks like a chronic condition.
Medicaid covers more types of long-term care costs for people 65 and over. Most people do not qualify for it because they cannot afford it or the assets are too high. Medicaid pays for about 62% of nursing home residents.
The Medicaid program is run by the government and state governments. For Medicaid to start, you would need to have spent all of your assets. If you want to receive long term care from Medicaid, a medical professional must observe that you need the care through “functional eligibility”.
If you end up qualifying, Medicaid will pay your long term care services. At home services vary depending on the state you live in.
It’s possible to qualify for both Medicare and Medicaid–you can also be “dual eligible”.
Cosmo Insurance offers long term care plans that can be a safety net for you and your loved ones when you age. Contact Cosmo Insurance for a quote. 732-363-3888.
