Planning for long-term care is critical. What happens if you are unable to care for yourself? Who will assist you in receiving the care you require? These are challenging issues to answer, but they are crucial to consider. This article discusses Medicare and long-term care.
Medicare does not cover long-term care.
Many individuals believe that Medicare covers long-term care. The truth is that it only covers “short-term care,” not long-term care, and was designed to cover medical expenses for acute diseases and illnesses. Once a beneficiary no longer requires a bed in an acute care facility, their insurance coverage stops, and they are on their own.
To be eligible for this sort of short-term Medicare coverage, you must meet the following criteria:
• The person must have been a hospital inpatient for at least three days and be admitted to a skilled care facility within 30 days of leaving the hospital.
• A doctor must certify that skilled care is required, and a Medicare-certified institution must provide the services or care.
Medicare does not cover personal care and custodial care outside of a nursing home. Suppose an individual meets the criteria for coverage based on the need for skilled nursing or rehabilitation. In that case, Medicare will cover all of their requirements in the facility, including assistance with activities of daily living.
Does Medicare cover a Skilled Nursing Facility (SNF)?
Medicare does not pay for any additional time spent in a skilled nursing facility beyond what is allowed by law. SNF care is covered by Medicare as follows:
• From days one to twenty, Medicare will cover 100% of the approved cost.
• On days 21 through 100, the beneficiary must pay a daily co-payment, with Medicare covering the balance; after Day 101, Medicare pays nothing.
Does Medicare cover home health services?
The costs of having an agency provide part-time or intermittent health care services in the patient’s home are covered by Medicare. Still, the coverage is restricted, and the patient must require competent support. To be eligible for Medicare’s home health care benefit, you must meet the following requirements:
• It has to be deemed medically essential.
• A physician must approve the therapy.
• The level of intermittent care requested and provided must be skilled.
• A Medicare-certified home health organization must provide the care.
Medicare will cover medical social services, home health aide services, medical supplies, and durable medical equipment used in the home, but not custodial home health care.
Medigap does not cover long-term care.
Like Medicare, Medigap policies only cover a fraction of long-term care services. Medigap insurance was designed to fill in the gaps left by Medicare’s various deductibles, co-payments, and other restrictions.
Medigap policies do not cover long-term care, except for post-hospital care in a skilled nursing facility (SNF).
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Bio:
After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely withhelping them pursue the most comfortable financial life possible.Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.Aaron can help you and your family to create, preserve and protect your legacy.That’s making a difference.
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