Medicare and long term care coverage

What does Medicare cover?

Medicare will pay the cost of some skilled care in an approved nursing home or in your home. The skilled nursing facility (SNF) benefit only covers you if a medical professional says you need daily skilled care after you have been in the hospital for at least three days and you are receiving that care in a nursing home that is a Medicare-certified skilled nursing facility. While Medicare may cover up to 100 days of skilled nursing home care per benefit period when these conditions are met; after 20 days $128 per day.

What does Medicare not cover?

  • Medicare’s SNF benefit does not cover most nursing home care.
  • While many people would like to receive care in their own homes, Medicare does not cover homemaker services.
  • Medicare doesn’t pay for home health aides to give you personal care unless you are home-bound and are also getting skilled care such as nursing or therapy.

Covering the gap

Medicare may not be the appropriate solution when paying for long term care services. Long term care insurance can provide more choices and gives you the flexibility to meet your long term care needs. Speak to us about whether a comprehensive long term care insurance policy is your best choice.

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 Medicaid and long term care coverage

Medicaid is the government-funded program that pays nursing home care only for individuals who are low income and who have spent most of their assets.

What does Medicaid cover?

Medicaid pays for nearly a third of all nursing home care in the U.S., but many people who need long term care never qualify for Medicaid assistance.2 Medicaid recipients may also be required to pay for nursing home care out of their own funds and “spend down” their income until they are eligible for Medicaid.

Covering the gap

Medicaid may not be an appropriate solution for you. Long term care insurance can provide more choices and gives you the flexibility to meet your long term care needs. Speak to us about whether a comprehensive long term care insurance policy is your best choice.

Call (314) 414-1400 or Click Here

What does long term care insurance cover?

It is important that you understand what services your long term care insurance policy covers and how it covers the many types of long term care services you might need to use. Policies may cover the following:

  • Nursing home care
  • Home health care
  • Respite care
  • Hospice care
  • Personal care in your home
  • Services in assisted living facilities
  • Services in adult day care centers
  • Services in other community facilities

What does long term care insurance not cover?

All long term care insurance policies have limitations and exclusions. It’s best to review these with a licensed insurance agent/producer.

Covering the gap

Long term care insurance policies may provide choices and flexibility for your long term care needs. The cost of a long term care insurance policy depends, in part, on the type and amount of services and benefits you choose to cover, your age, and your health.

Did you know family members and friends are the sole caregivers for 70% of elderly people2. How will you cover long term care needs? Are you concerned about funding long term care and protecting your assets, contact us today. What’s next: Make a plan!

Call (314) 414-1400 or Click Here

 

 

1 Long Term Care Claims Experience Data for Genworth Life Insurance Company and affiliates – December 1974 through March 2014.