Will Medicare Pay Your Long-Term Care Needs?


According to the Genworth Financial Cost of Care survey, the median annual cost for a nursing home room is over $80,000. For families with an individual who needs long-term care, that’s a bitter pill to swallow. For families who are facing this in the not-too-distant future, it can be a terrifying prospect. Unfortunately, unless you have the skill and time to care for your family member at home, you might not have a choice but to find a way to cover the cost.

While everyone generally understands that as they age, they may reach the point where a decline in health requires relocation to a nursing home, not everyone understands that they need long-term care insurance in order to secure the most comfortable stay at an affordable price. Some are even under the impression that Medicare will pay for their long-term care needs. Medicare only pays for hospital and doctor bills; it does not pay for nursing home care, home health care or any custodial care, which can consist of help while bathing, eating and so on.

But what does that mean for the average individual without long-term care insurance? Unfortunately, it means the depletion of certain assets, excluding the primary residence home that a spouse actively lives in. While the individual who needs care and his or her spouse may be permitted to retain some assets, much of their net worth—and their legacy—will be depleted before Medicaid, a federal system for those who need financial assistance in medical expenses, steps in and assists with costs.

These are just a few reasons why long-term care insurance is so vital. In addition, long-term care insurance can also ensure that you get the kind of care you want. With Medicaid, you may have a limited choice of long-term care options. When paying for expenses yourself, you drain your retirement and other assets, ensuring that your heirs are left empty-handed. However, with long-term care insurance, you not only have the power to make decisions for your life but you also have the funding to support those decisions. To find out how much long-term care insurance can cost you and discuss the various policy options and which one is right for you, call us.

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