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People often think Medicare pays for Long-Term Care.
Lets look closer:
- Coverage is limited to a short duration of time
- Covers skilled medical care – not custodial care
- Only after being admitted in the hospital for 3 days
- It may cover short-term rehab services
- Care must be provided by Medicare certified agency
Nursing home care
Medicare will cover a skilled nursing facility, but only under specific conditions. Coverage is limited to 100 days, not long-term.
Medicare stops paying when you no longer require skilled care,
stop showing improvement or hit the maximum benefit of 100 days.
(Whichever comes first)
Home health care
Medicare will cover short-term care if you meet certain conditions. However, this coverage does not include 24-hour care or help with activities of daily living like bathing and dressing.
Medicaid
Medicaid can provide long-term care, but only for those who spend down assets. As a result, this option is not viable for those with assets and should not be a goal.
Savings and investments
With early planning, a dedicated fund for long-term care expenses including consistent saving can help offset future costs. This approach requires significant discipline.
How to cover the costs of Long-term care
The most comprehensive solution for addressing extended care costs is a well-designed policy for long-term care which covers assisted living, nursing home and in-home care.
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