November Letter to Clients: Long-Term Care and Your Options
Posted by Financial Strategies Group in Blog Posts, Long Term Care Planning 29 Nov 2022
Long-term care includes a whole host of services that you may require to meet various personal needs. And eventually, around 60% of us will need assistance with things many take for granted, according to the Administration for Community Living, a division of the U.S. Dept. of Health and Human Services.
Whether it is because you have been visited by an unfortunate event or due to health conditions that come about through aging, things like getting dressed, taking a bath, running errands, or making meals may require assistance.
Planning is the key, but many people are not sure what is covered by insurance, and others are often misinformed about Medicare coverage.
There are many common misconceptions about what Medicare covers and doesn’t cover.
Medicare only pays for long-term care if you require skilled services or rehabilitative care. But there are limits.
Medicare will cover a nursing home for a maximum of 100 days. The average Medicare-covered stay is a much shorter 22 days.
It will also pay if you are at home and are receiving skilled home health or other skilled in-home services. Generally, long-term care services are provided only for a short period of time.