Long-term Care
Take control of your long-term needs
No one likes the thought of being uprooted from the place they live and having to move to a facility that is needed and has the capability to care for them.
HOWEVER,
It is a distinct possibility that at some point in your life you may not be able to care for yourself, and it may be inappropriate to ask your partner/loved ones to provide what may be a significant burden.
As much as we hate the thought, a long term care facility may be the only reasonable alternative. As we get older, the chance of that circumstance happening is a real possibility (40% at age 65).
Here are two myths:
1. Myth: Medicare will pay for long-term care.
Truth: If you have been hospitalized, Medicare will pay 100% of expenses for 20 days of skilled nursing care. After those 20 days, however, Medicare will pay reduced benefits for the next 80 days. That’s it – no more.
2. Myth: Medicare Supplement will pay for home care.
Truth: Most supplements will pay for what Medicare won’t – up to a certain number of days, but a supplement will typically only pay if Medicare approves the benefit first.
Long term care is expensive, currently averaging $250/day (that is $7500/month).
What are your alternatives?
- Pay for long-term care out of your own resources.
- Medicaid: to qualify for Medicaid you must be destitute. Trying to get around eligibility rules can have consequences. Perhaps more important is the reality that you have to go to a facility of Medicare’s choosing. Will that facility provide the care and comfort you need and deserve?
- Insurance: having your own source of funds puts you in the driver’s seat. You and your loved ones can select the facility that you want. Plus, you and your loved ones have leverage to insist that the care being provided meets your expectations.
At ASI, we have the specialists who can advise you on your alternatives and help you obtain the solution that fits your needs and desires.