Will Medicare Pay my Long Term Care Costs?
Medicare was never intended to pay for long term care costs. In fact, Medicare only gives you 100 days of skilled nursing benefits. After you use those 100 days up you have nothing. Zero, nada, zilch!
Flat out: Medicare will not pay your long term care cost.
Not now, not in
the future, not ever. And remember, for Medicare to pay any portion of your
long term care costs you must need skilled nursing. If you've had a stroke
and don't need stitches tended to or bandages changed then you might be
considered "custodial" only.
If and when you do qualify for skilled nursing then you only have 20 days of
fully paid Medicare coverage. Beginning on day 21 you have to pay the co-pay
(unless you have supplemental insurance that covers those charges). The
co-pay can change but has stayed right around $100 dollars with incremental
increases since 2000. When you get to day 100 you're on your own. With
charges averaging $5,000-$7,000 a month this can add up in a hurry.
To learn more about Medicare and what it really pays for you can get the
Medicare
Skilled Nursing Guide (just right click the link for
instant access)
As an ex-insurance agent and former LTC insurance specialist it may make more sense to consider LTCi. Long Term Care insurance will shift the financial risk way from you onto an insurance company - but be warned - not all policies or companies are alike.
Long term care insurance is a complicated contract and needs to be understood completely before you apply or after you have invested in a
policy. According to an article at Lawyers & Settlements LTC insurance
carriers (companies) have collected more than $50 billion dollars in
premiums. When there is this much money at stake you - as the consumer -
have to be very careful about what you do, the contracts you enter, and who
and what
you believe and this is exactly why I wrote "Insiders Secrets to Long Term Care Insurance; the
Ultimate Consumer Buying Guide". As an ex-agent turned consumer
advocate I want to put you in a position of power and control and
authority over the insurance company. In short, I want to help you turn the tables on insurance companies by
understanding the hidden loopholes and secret terminology of these policies
and help you determine if you should or
should not have long term care insurance.
