Does Medicare Pay For Long-Term Care?

Mature Couple Working On Their Home Finances At Home and wondering Does Medicare Pay For Long-Term Care?

Unfortunately, no. Long term care is one of the gaps in Medicare coverage. If you plan on living in a long term care facility (nursing home, assisted living, etc.) in old age, you will need to seek other routes to fund your stay.

While Medicare does not pay for long term care, there are other options. Many people use their Social Security payments to help cover the cost of staying in assisted living facilities. If you plan ahead, you can also purchase long term care insurance, which will pay a set amount each month toward your care. If you think you are a good candidate for long term care in the future, you should start planning your finances now to accommodate the expense.

What Does Medicare Cover?

It is important to understand what your Medicare does and does not cover. Medicare Part A covers hospital costs and Medicare Part B covers outpatient medical costs for preventive and medically necessary care. If you have a Part D prescription drug plan, your prescription drugs are covered. Medicare Advantage plans cover the same healthcare expenses as Medicare Part A and Part B, with the option for additional packages including prescription drug coverage. Medicare Supplements help cover the out-of-pocket expenses left over from Medicare Part A and Part B.

Long term care is not the only thing left out of Medicare coverage. Medicare does not cover routine dental, vision, hearing, or podiatry care, nor does it cover chiropractic care, acupuncture, or cosmetic procedures. If you wear glasses or contacts, go to the dentist, wear hearing aids, or regularly visit non-medically necessary care practices, you will want to find supplemental coverage to help cover your expenses.

How Much Does Long Term Care Cost?

National monthly averages in 2020 for long term care were as follows, according to Genworth. In-home health care and homemaker services had a median cost of $4,481 and the services of a home health aide were $4,576 each month. In community or assisted living care, adult health day care cost $1,603 each month and care in an assisted living facility cost $4,300. In a nursing home facility, a semi-private room cost $7,756 and a private room cost $8,821.

Every day, more people turn 65 and become seniors of society. As more and more of the population ages, they need to think about planning for their future. According to the Department of Health and Human Services, as of 2020, 7 out of 10 Baby Boomers will require long term care in their lifetime. 

Long Term Care Insurance

You can help prepare for the costs of long term care by purchasing long term care insurance. Long term care insurance provides you a daily benefit that you can use toward your care services. You can receive care in your home, adult day service centers, hospice care, respite care, assisted living facilities, Alzheimer’s special care facilities, and nursing homes. These benefits will help you stay in your home for as long as possible before you enter a facility. For help planning for your long term care costs, contact Texas Medicare Advisors.

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