Specialist, LTCi, DI, Annuities, Life, Designs In Life, LLC, Utah
Technically, no. Medicare was designed to help the elderly pay for acute sickness and accidents from which one can heal relatively quickly. It does not cover chronic illness or prolonged rehabilitation from an accident.
However, Medicare will provide payment of costs for some "short-term" recovery for the elderly that are enrolled in Medicare part A & B. There are prequalifications and limitations to what it will pay for, how much it will pay, the type of care it will pay for, and for how long (maximum of 100 days).
Payment for long-term care is usually paid out of pocket, or by Medicaid (Medical in CA). To receive payment for care from the latter, one must be "impoverished" as defined by the state that they live in, and they usually must be in a facility (Medicaid/Medical only pay a few hundred dollars a month of home care).
The only other solution to the problem of paying for long-term care, either at home or in a facility, is long-term care insurance (LTCi). This sector of the health insurance industry is in a bit of turmoil right now and if you have decided that you want to explore LTCi, make sure that you work with someone that is a specialist in this area. There are an infinite number of designs in coverage which can vary the cost (premium) by thousands of dollars a year. Also, be sure that you are working with agents that only work with the best LTCi companies in the industry, those that have strong financials, high ratings, and are committed to the field.
The most important thing is to have a plan. Your plan may or may not include LTCi. But, if it does, buy no later than your mid-fifties as the price really starts to climb after that.
Don’t depend on Medicare for the payment of long-term care costs.
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However, Medicare will provide payment of costs for some "short-term" recovery for the elderly that are enrolled in Medicare part A & B. There are prequalifications and limitations to what it will pay for, how much it will pay, the type of care it will pay for, and for how long (maximum of 100 days).
Payment for long-term care is usually paid out of pocket, or by Medicaid (Medical in CA). To receive payment for care from the latter, one must be "impoverished" as defined by the state that they live in, and they usually must be in a facility (Medicaid/Medical only pay a few hundred dollars a month of home care).
The only other solution to the problem of paying for long-term care, either at home or in a facility, is long-term care insurance (LTCi). This sector of the health insurance industry is in a bit of turmoil right now and if you have decided that you want to explore LTCi, make sure that you work with someone that is a specialist in this area. There are an infinite number of designs in coverage which can vary the cost (premium) by thousands of dollars a year. Also, be sure that you are working with agents that only work with the best LTCi companies in the industry, those that have strong financials, high ratings, and are committed to the field.
The most important thing is to have a plan. Your plan may or may not include LTCi. But, if it does, buy no later than your mid-fifties as the price really starts to climb after that.
Don’t depend on Medicare for the payment of long-term care costs.