Long term care (LTC) is an increasingly important and expensive issue for many people. Unfortunately, Medicare does not cover all of the costs associated with long term care, and understanding which costs are covered can be confusing. In this blog, we will explore what Medicare does and does not cover when it comes to long term care, as well as some alternative methods of funding long term care.
First, let’s discuss what Medicare does cover when it comes to long term care. Medicare Part A covers inpatient care in a skilled nursing facility for up to 100 days for those who are eligible. Medicare Part B covers some services provided by a home health care agency, such as physical therapy, occupational therapy, and some medical supplies. Medicare Part C, also known as Medicare Advantage, is a private health plan that covers some services not covered by Parts A and B. Medicare Part D covers prescription drugs.
Now that we know what Medicare covers, let’s discuss what Medicare does not cover when it comes to long term care. Medicare does not cover custodial care, which includes help with activities of daily living such as bathing, dressing, and eating. Medicare does not cover home modifications or adaptations needed to make a home safe for someone with a disability. Medicare does not cover long-term care insurance premiums or the cost of private nursing homes or assisted living facilities.
So, what are some other options for covering long term care costs? Long-term care insurance is an option for those who can afford it and are able to qualify. Medicaid is an option for those who meet the eligibility requirements, which vary from state to state. Reverse mortgages can be used to supplement income to help pay for long term care costs. Veterans benefits can be used to help cover the cost of long term care. Finally, some states offer tax credits or deductions to help offset the cost of long term care.
In conclusion, understanding what Medicare does and does not cover when it comes to long term care costs can be confusing. While Medicare does cover some costs associated with long term care, it does not cover all of them. There are, however, a number of other options available to help cover long term care costs, such as Long-Term Care Insurance, Annuities, Life Insurance with Living Benefits, Medicaid, reverse mortgages, veterans benefits, and state tax credits or deductions. Contact Family Insurance Help today to find out the best Long Term Care options for you or your family member.